Resistys to merge with Innovate Oncology

Australian oncology specialists Avantogen and USA-based Innovate Oncology say they have signed a definitive merger agreement which will combine Innovate with Avantogen's subsidiary Resistys. Under the terms of the deal, Innovate will gain Avantogen's 50% interest in the development pancreatic chemoresistance inhibitor, RP101, which is currently being co-developed by Avantogen and New York, USA-headquartered Bioaccelerate.

The deal requires that Innovate issues 32 million shares of common stock to Avantogen, which will then own 54% of the US firm. The companies expect the transaction to close by the end of March.