Antisoma plc has successful completed its November 2002 licensing and collaboration agreement with Swiss pharmaceutical company Roche. Completion triggers upfront payments by Roche of around USD 43 million, and follows the satisfaction of two conditions specified in the November deal:
1) Approval of the transaction by the US antitrust agencies and termination of the waiting period required by the Hart-Scott-Rodino Antitrust Improvements Act of 1976
2) The return of rights for Pemtumomab to Antisoma from Abbott Laboratories, the previous licensee.
The upfront payments from Roche comprise USD 37 million for product rights plus GBP 4.15 million for the purchase of 20.73 million new ordinary Antisoma shares at GBP 0.20 each. The transaction gives Roche a 9.1% stake in Antisoma.
The return of Pemtumomab rights follows the termination of the Development and Licence Agreement and certain provisions of the Subscription Agreement with Abbott Laboratories, including restrictions on the number of shares that Abbott may sell. Following the issue of new shares to Roche, Abbott holds fewer than 3% of Antisoma's ordinary shares.
Antisoma's Chief Executive Officer Glyn Edwards said 'We are pleased that Antisoma's landmark deal with Roche is now completed. We start 2003 with around £40 million cash and will spend this prudently over the coming years to advance our pipeline and maximise the value of our collaboration with Roche.'