Pipex buys Effective Pharma subsidiary

USA-based drugmaker Pipex Pharmaceuticals, a developer of innovative late-stage drug candidates for the treatment of neurological and fibrotic diseases, says that it has completed the acquisition of its majority-owned subsidiary, Effective Pharmaceuticals.

The company explained that the transaction, under which Effective became a wholly-owned unit, saw it issue 2.29 million unregistered shares, warrants and options to purchase up to 695,183 shares of its common stock to the minority shareholders of Effective, representing approximately 33% of the later which it did not already own.

Pipex gains control of Effective's drug pipeline