Martinsried-based drug discovery and development company 4SC AG (Frankfurt, Prime Standard: VSC) today announced the signing of a contract to acquire several projects from the oncology portfolio of Nycomed. The total purchase price amounts to 14 million euros.
In this transaction, 4SC AG acquires all rights to eight of Nycomed's oncology projects, including one project in clinical phase I. This marks a significant expansion of the company's clinical and pre-clinical portfolio. The transaction is due to be completed by 31 July 2008.
In return, Nycomed will receive a cash payment from 4SC AG totalling 14 million euros. The financing for this transaction and for the further development of the projects by 4SC AG is to be provided by raising additional funding, which amounts to 25 million euros. This financing is supported by Santo Holding (Deutschland) GmbH, the largest single shareholder in 4SC AG. No final decision has yet been made about the exact form it will take (equity capital or by drawing on a corporate loan already agreed upon).
In this transaction, 4SC AG acquires all rights to eight of Nycomed's oncology projects, including one project in clinical phase I. This marks a significant expansion of the company's clinical and pre-clinical portfolio. The transaction is due to be completed by 31 July 2008.
In return, Nycomed will receive a cash payment from 4SC AG totalling 14 million euros. The financing for this transaction and for the further development of the projects by 4SC AG is to be provided by raising additional funding, which amounts to 25 million euros. This financing is supported by Santo Holding (Deutschland) GmbH, the largest single shareholder in 4SC AG. No final decision has yet been made about the exact form it will take (equity capital or by drawing on a corporate loan already agreed upon).
