Biotech firm doubles size of its U.S. ops

British specialty drugmaker with U.S. base in Brentwood has announced $25 million acquisition of Utah company and two new licensing deals

Email | Print By Walker Duncan

12-08-2006 2:14 PM — Protherics Inc., a British biotech company with its U.S. operations based in Maryland Farms, today made public three transactions fueled by a recent £38 million ($74.6 million) equity fundraising effort in the UK. The end result of these transactions is that the company, which manufactures and sells biopharmaceuticals for the critical care and cancer markets, will roughly double the size of its stateside operations.

The main source of this increase is the $25 million all-stock acquisition of Utah-based MacroMed Inc. Through this acquisition, Protherics will add approximately 30 employees and a manufacturing facility both to remain in Utah. The company will also now be able to market MacroMed’s lead product known as OncoGel, used in the treatment of esophageal and brain cancers, alongside its own oncology product Voraxaze.

The company will also undertake an in-licensing deal with North Carolina-based Glenveigh Pharmaceuticals for two products used in the treatment of preeclampsia, a serious and sometimes fatal pregnancy complication. Protherics believes that there is a $5 billion market for such products in the U.S., where there are currently no therapies approved.

In addition the company also announced an in-licensing and co-development deal with Advancell, a Barcelona company whose product, Acadesine, will be used in the treatment of a certain form of leukemia.

“The impact is pretty profound,” said Saul Komisar, president of Protherics’ U.S. operations, who spoke with NashvillePost.com this afternoon about the stateside implications of these transactions.

The in-licensing deal with Glenveigh and the acquisition of MacroMed are still subject to shareholder approval at a special meeting to be held on Jan. 3.