Novopharm Biotech To Merge With Genesys

Two Canadian companies, Novopharm Biotech and Genesys Pharma, havereached an agreement to merge to form what they believe will be the country's "most dynamic early-phase biopharmaceutical company."

The merged company, which will continue to operate under the name Novopharm Biotech, will feature expertise in cancer immunotherapy, HIV research, antisense technology and generic biopharmaceuticals.

Back in April, NB acquired two products from Genesys, and the two firms agreed to a proposal to combine their businesses (Marketletter April 21). The merger will be achieved now through an exchange of shares valued at over C$30 million ($21.6 million), making it one of the largest biopharmaceutical transactions in Canadian history, according to the companies.