Norwegian Targovax has entered an agreement with the shareholders of Finnish clinical-stage biotechnology company Oncos Therapeutics to acquire the shares of Oncos with settlement in Targovax shares. After the transaction, the shareholders of Oncos will own 50 per cent of Targovax.
The new company already has received indications of interest from leading institutional investors, including a 26 million Norwegian krones (EUR 2.9 million) commitment from Health Cap, 25 million Norwegian krones (around EUR 2.8 million) from Datum Invest AS and 5 million Norwegian krones (around EUR 600 K) from the Norwegian Radium Hospital Research Foundation
Oncos Therapeutics was founded in 2009 to further develop and commercialize a treatment that had initially been developed at the University of Helsinki.
Sources: Targovax, Oncos