Antigenics purchases Aronex stock

Published: 28-Jun-2001


Antigenics has reached an agreement with Aronex Pharmaceuticals to purchase Aronex stock in a tax-free, stock-for-stock transaction.

The transaction will broaden and accelerate Antigenics' product pipeline with six drugs in late-stage development and one marketed product. These include a liposome-encapsulated form of all trans-retinoic acid (Atragen) for the treatment of leukaemia and a liposome-encapsulated form of nystatin (Nyotran) for the treatment of fungal diseases.

Dr Garo Armen, chairman and ceo of Antigenics said, 'Combining Antigenics' world-class immune technology platforms with Aronex Pharmaceuticals' liposome-encapsulation technology accelerates our goal to become a diverse biopharmaceutical company with an effective and safe therapies.

'The advanced stage of Aronex Pharmaceuticals' drugs will accelerate Antigenics' drive towards commercialism. We expect the merger to be accretive to our earnings starting on 2003 and enhance value for both companies' shareholders.'

Antigenics is focusing on addressing the FDA's concerns in the non-approvable letter for Atragen, which was received by Aronex in January. 'We believe the data are strong and provide a sound basis to work with the FDA to address the issue of non approval,' said Dr Elma Hawkins, Antigenics vp. The drug showed a favourable toxicity profile at 50 leukaemia treatment centres and could be used in patients otherwise unable to take oral retinoic acid.

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