Date: 2011-12-16
Type of information: Company acquisition
Acquired company: Topotarget USA (Topotarget’ American subsidiary division - Denmark)
Acquiring company: Apricus Biosciences (USA)
Amount: up to $4 million
Terms: * On December 30, 2011, Topotarget announced the completion of Apricus Biosciences’s purchase of 100% of the outstanding common stock of Topotarget ’ American subsidiary division, Topotarget USA, Inc. The acquisition includes all Totect® North and South American assets, including the Totect® sales team, and the US trademark Totect®. * On December 16, 2011, Topotarget has announced that Apricus Biosciences has agreed to purchase 100% of the outstanding common stock of its American subsidiary division, Topotarget USA, Inc. in exchange for Apricus Bio common stock worth approximately $ 2 million in upfront payments, and up to approximately $ 2 million more in Apricus Bio common stock if certain milestones are achieved, which in total amount to approximately $ 4 million. Apricus Bio will own all rights to Totect® in North America and South America and the respective territories, and possessions of the countries in North America and South America. Topotarget had previously sold the rest-of-world rights to Totect®, which are marketed under the name Savene® (Dexrazoxane HCl is used to treat anthracycline extravasation, which is the leaking of chemotherapy from the veins of cancer patients into tissues and other areas ofthe body). As a result of the above, Topotarget now expects an estimated pre-tax loss in the range of DKK 20-40 million for the full year financial result of 2011, compared to the latest announced expectations of DKK 25-45 million. Topotarget expects to have net cash and cash equivalents of around DKK 110 million at year-end 2011.
Details:
Related: Cancer Oncology
