Theratechnologies makes US acquisition, raises C$60 million

Theratechnologies, which is based in Quebec, Canada, has made what itrefers to as a number of "major strategic transactions" related to its cell therapy activities. These consist of the reorganization of its business activities through the transfer of its ex vivo photodynamic cell therapy program to a newly-created subsidiary, Celmed BioSciences, the acquisition of NeuroGeneration and NeuroGenomics, two California, USA-based firms which have developed technologies for the treatment of neurodegenerative diseases, and a C$60 million ($39.5 million) investment from Societe generale de financement du Quebec and the Solidarity Fund QFL.

Celmed is valued at around C$203 million and the acquisition of NeuroGeneration and NeuroGenomics will cost C$18 million, paid in Celmed shares. Andre de Villers, Theratechnologies' chief executive, said that these initiatives provide the firm "with the necessary critical mass to emerge at the international level in the field of cell therapy, as well as therapeutic peptides."