SynAct Pharma has entered into a conditional agreement on acquisition of TXP Pharma, a Swiss-incorporated biotech company researching and developing pharmaceutical drugs for the treatment of autoimmune and inflammatory diseases.
The purchase price consists of a fixed purchase price of SEK 136 million and a potential additional purchase price of SEK 55 million, where the fixed purchase price is paid through 2,172,523 newly issued shares in SynAct.
“The development portfolio is strengthened, and the aim is that SynAct, as a result of the acquisition, will shortly have two projects in clinical development and another two in a relatively advanced preclinical phase.”
The acquisition of TXP gives SynAct two platforms that complement each other and create a versatility to develop therapies to address the full range of inflammatory and autoimmune diseases, it states. The development portfolio is strengthened, and the aim is that SynAct, as a result of the acquisition, will shortly have two projects in clinical development and another two in a relatively advanced preclinical phase. A direct advantage of this is that the possibilities of a strong, continuous and value-creating news flow increase.
“By combining the pipeline and scientific capabilities of SynAct and TXP, we strengthen SynAct’s leading position within therapies for resolution treatment through melanocortin biology, and boosts its growing development portfolio. Also, we can now tackle the full range of inflammatory and autoimmune diseases with two complementary platforms, which underscores SynAct’s place in the forefront of developing pharmaceuticals to treat these severe and debilitating diseases where there is a great unmet medical need,” commented Uli Hacksell, board member of SynAct.
A directed cash new issue of shares of SEK 80 million
In conjunction with the acquisition of TXP Pharma the board of directors of SynAct Pharma has decided to carry out a directed share issue of 1,277,954 shares at a subscription price of SEK 62.60 per share to companies controlled by Thomas von Koch and Christian Kinch. The Directed Share Issue will provide the company with SEK 80 million before transaction costs relating to the Directed Share Issue. The investment from Thomas von Koch and Christian Kinch and the completion of the Directed Share Issue is not conditional on completion of the acquisition of TXP.
“I am very pleased to welcome Thomas Von Koch and Christian Kinch as new shareholders in SynAct Pharma. Their knowledge within the industry and extensive network will be important for the company,” says Torbjørn Bjerke, chairman of the board of directors of SynAct.
Photo of Jeppe Øvlesen: SynAct Pharma