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Feelux enters bio market through majority stake in VG Life Sciences
Posted on Friday, 09 March 2018 14:44
Coagentus Pharma and its undisclosed subsidiaries are selling their entire 62.3 per cent stake in US anti-cancer immune therapies developer VG Life Sciences to Korean fluorescent fitting manufacturer Feelux.
The buyer will pay USD 35.00 million for the target, which was formerly known as Viral Genetics, in order to enter the bio business and to boost sales.
Under the terms of the transaction, Korean Stock Exchange-listed Feelux and Coagentus will launch a KRW 100.00 billion (USD 93.79 million) project that will involve conducting clinical trials.
The venture will also see the firms using technologies and patents, including immunotherapeutic agent hGCC1PADRE-AV, to research the commercialisation of cancer drugs.
Completion is expected by 15th April 2018, subject to approvals from the relevant regulatory bodies.
No further details were provided.
Headquartered in Santa Barbara, California, VG Life Sciences researches and develops treatment for drug-resistant cancers and autoimmune diseases.
It controls over 40 US and international patents and pending patents related to its biotech platform technologies.
Coagentus designs, negotiates and manages clinical trials, as well as providing consultancy and analytical services.
The La Palma, California-based vendor operates in four business areas: pharmaceutical, biotechnology, government and public health, and medical devices.
Zephyr, the M&A database published by Bureau van Dijk, shows that there have been 224 mergers and acquisitions targeting biotechnology companies announced worldwide so far in 2018.
The two most valuable such deals involved US antibody-based cancer treatment therapies developer Seattle Genetics: its USD 600.00 million capital increase in February and the acquisition its proceeds financed, namely the USD 614.00 million takeover of Cascadian Therapeutics.
These were followed by Moderna Therapeutics’ USD 500.00 million funding round and Temasek Holdings cutting its stake in Celltrion Healthcare by 2.1 per cent for USD 302.20 million.
Other biotech targets in 2018 include Concept Life Sciences and SomaLogic, in transactions valued at USD 230.08 million and USD 200.00 million, respectively.
© Zephus Ltd