TopoTarget buys Apoxis for $19.5M

Copenhagen, Denmark-based TopoTarget AS has entered into a conditional share purchase agreement for the acquisition of privately-held Swiss biotechnology firm Apoxis SA, and plans to raise new capital through a share offering. The acquisition will add two first-in-class oncology drug candidates in Phase I and Phase II development and enhances TopoTarget's protein drug R&D, according to the firm.

TopoTarget will buy Apoxis for an initial consideration of 14.5 million euros ($19.4 million), payable in newly-issued TopoTarget shares, with potential additional payments, in cash or newly-issued TopoTarget shares at the Danish firm's discretion, contingent on certain future development milestones, corresponding to part of TopoTarget's net proceeds from the relevant products.

The rationale for the acquisition is to further increase TopoTarget's strength in cancer drugs. The deal will add two first-in-class oncology products in Phase I and II clinical development, and the MegaLigand protein research technology platform, to TopoTarget's R&D pipeline.