Swiss major Roche buys UK biotech Piramed in $160M-plus cash deal

Switzerland-based Roche is to acquire the UK privately-held biotechnology company Piramed, which it says will give the group access to important oncology targets with potential for treating major cancers such as those of the breast and lungs.

Under the terms of the definitive agreement, Piramed is being fully acquired for an upfront cash payment of $160.0 million plus a milestone of $15.0 million, which is due on the commencement of Phase II clinical trials for the company's oncology program. The final transaction value will be adjusted by the net cash balance remaining upon closing. The deal is subject to standard conditions including review by anti-trust authorities, but is expected to complete during the current quarter, says the Swiss drug major.

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