Progenics Pharmaceuticals has offered to acquire Swedish company EXINI Diagnostics through a public offer to the shareholders of EXINI.
EXINI is headquartered in Lund, Sweden, and is listed on Nasdaq First North, Stockholm. The company develops software solutions for medical decision support based on advanced image analysis. EXINI has demonstrated experience in the successful development and commercialization of software products based on medical image analysis and machine learning, which will provide Progenics with in-house development capabilities in these areas that it can apply to its own pipeline, including its prostate cancer imaging agents 1404 and PyL. The acquisition will bring new personnel with key medical and scientific expertise in the area of medical imaging to Progenics. Additionally, EXINI’s expertise in working with European partners, clinicians, and researchers will support the expansion of Progenics’s international commercial activities as its late-stage programs advance toward the market.
“This transaction significantly advances our efforts to develop products which transform the way we diagnose, monitor and treat cancer,” states Mark Baker, CEO of Progenics. “EXINI’s expertise in software design for imaging products will be invaluable as we develop our imaging toolkit for prostate cancer centered on our 1404 and PyL programs, and then more broadly as we seek to empower patients and physicians with a suite of products designed to help guide treatment decisions.”
Under the terms of the Offer, Progenics is offering to pay a total aggregate purchase price for all of the equity of EXINI of approximately $7 million funded from cash on hand. The purchase price implies a price per share of approximately SEK 3.15. The acquisition has been approved by the board of directors of Progenics, and unanimously recommended by the board of directors of EXINI. The estate of Bo Håkansson, the largest shareholder, which holds approximately 30.74 percent of the total shares and voting rights in EXINI, has undertaken to accept the Offer, subject to certain conditions.
“The combination of Progenics’s imaging agents and EXINI’s analysis software has the potential to create a portfolio of innovative products that can provide both a more accurate picture of a patient’s cancer and a standardized analysis of the extent and severity of disease. We look forward to working with the team at Progenics to further expand the applications of our technology in prostate cancer and other indications,” said EXINI’s managing director Magnus Aurell.
The settlement of the Offer is expected to occur in mid-November, subject to certain closing conditions, including acceptance by more than 90 percent of the total number of shares of EXINI and other customary conditions. Advokatfirman Cederquist is serving as legal advisor to Progenics. Redeye is acting as financial advisor to EXINI.