Suiters approach Protherics
pharmafile | August 21, 2008 | News story | Sales and Marketing |Â Â BTG, ProthericsÂ
UK biopharmaceutical company Protherics has received approaches from a number of companies interested in acquiring the biopharmaceutical company.
The company is mulling over the offers, but stressed that a formal offer is not a certainty and that no terms have been agreed.
Shares in the Protherics, which focuses on critical care and cancer, rose by over 45% on the day following the announcement.
The company has a number of agreements with larger pharma companies, including one with AstraZeneca, which has taken on development of one of Protherics' major drugs. CytoFab is used to treat severe sepsis and AZ has so far taking its into of phase II trials.
Protherics also has an agreement with Nycomed to sell DigiFab, for overdoses, and CroFab for snake bites. Last year these two products had combined sales of $84 million (£45 million) and Protherics will re-gain the rights to the drugs in 2009 and 2010 respectively.
Protherics' other major drug is a new formulation of Angiotensin Therapeutic Vaccine, for the treatment of hypertension, also in phase II trials, and the company also has four novel products being developed in a range of cancer indications.
The possible takeover is indicative of a resurgent biotechnology sector. Vaccine maker Acambis recently agreed a £276 million deal with Sanofi-Aventis and Oxford BioMedica has rejected bids from US genetic diagnostics company GeneThera.
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