The acquisition further strengthens Panther's drug development and platform technology portfolio
Panther Biotechnology, a biotechnology company specialising in the acquisition and development of enhanced therapeutics for the treatment of neoplastic, autoimmune and antiviral disorders, has entered into an agreement to acquire Alchemia Oncology, a wholly owned subsidiary of Alchemia, an Australian biotechnology company listed on the Australian Stock Exchange (ACL).
Alchemia Oncology has a robust collection of clinical and preclinical oncology assets, which include the HyACT drug delivery platform, a portfolio of targeted therapeutics that are designed to exploit the unique structure and inherent biological properties of hyaluronic acid.
Drug candidates in the portfolio range from preclinical through to phase III. Panther intends to file a new phase III protocol for an open IND with the FDA for HA-Irinotecan in 2015, in addition to advancing the other phase II and phase Ib clinical drug candidates.
‘The acquisition of Alchemia Oncology further strengthens our drug development and platform technology portfolio,’ stated Evan Levine, Chief Executive Officer of Panther. ‘This milestone transaction results from intensive mutual due diligence and a commitment to patient care in which chemotherapy results can improve patient response and survival.’
‘Alchemia Oncology has spent more than 15 years and US$70m to develop the HyACT technology platform and clinical drug candidates, and we are very pleased to have secured the commitment of Panther to raise the necessary funds to continue the clinical development of HyACT,’ stated Tracie Ramsdale, Executive Director of Alchemia.