Inflazyme Pharmaceuticals Ltd and Adprotech Ltd., a private U.K. based company, have announced that they have entered into an agreement whereby, subject to necessary regulatory approvals, Inflazyme will acquire Adprotech.
Inflazyme will issue approximately 12.7 million common shares to acquire all outstanding Adprotech shares in a deal valued at approximately CDN$20 million.
The acquisition will give Inflazyme a new inflammation technology platform, complement inhibition, and a potential novel clinical compound being developed for the treatment of rheumatoid arthritis.
Ian McBeath, president and CEO of Inflazyme said, “Adprotech has been a pioneer in immune system research particularly in the field of complement inhibition. The acquisition of Adprotech gives Inflazyme access to a new approach to the treatment of inflammation, expanding our opportunities to bring new therapies to market. This new technology will be additive to Inflazyme’s on-going research with the LSAIDs. (Leukocyte Selective Anti-Inflammatory Drugs). It confirms our intent to be a leader in the area of inflammation.”
Kieran Murphy, CEO of Adprotech said, “In merging with Inflazyme, we recognize the opportunity to bring expertise in inflammation and more resources to our efforts in complement research. The new larger company will be better positioned to advance the complement technology and deliver increased value to all shareholders.”