Upsher-Smith Laboratories, Inc. today announced that it has agreed to acquire Proximagen Group plc, a European biotechnology company focused on the development and commercialization of novel therapeutics for diseases of the central nervous system and inflammation.
Upsher-Smith intends to retain operations in Cambridge and London, England and integrate them to form a robust research and development platform for future growth.
“Upsher-Smith is delighted to announce today’s transaction, together with the unanimous recommendation of the Board of Proximagen. We have been very impressed with the quality and breadth of Proximagen’s portfolio of programs, and the commitment and expertise of Proximagen’s employees,” stated Mark Evenstad, President and Chief Executive Officer of Upsher-Smith. “Having worked closely with Proximagen as both a commercial partner and a strategic shareholder since 2008, we believe that Proximagen has significant potential and we are excited about the opportunity of bringing new therapies to market that will benefit patients.” The acquisition provides Upsher-Smith with expanded research and development capabilities and a platform for future growth in product development. Proximagen’s pipeline contains a number of programs in various stages of development across a number of therapeutic classes including central nervous system, inflammation, oncology and ophthalmology.
The transaction is subject to approval by Proximagen shareholders and other terms and conditions set out in the joint offer announcement released by Upsher-Smith and Proximagen earlier today. This announcement should be read in conjunction with that announcement, which is available at www.upsher-smith.com. The transaction is also subject to the approval of the High Court of Justice in England and Wales.
In addition to the unanimous recommendation from the Board of Proximagen, Upsher-Smith has obtained irrevocable undertakings from Proximagen shareholders to accept the deal in respect of 72.01 percent of the share capital, including from Proximagen’s largest shareholder, Invesco Asset Management Limited.
