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Biota buys two drug businesses for $11.4m

Biota buys two drug businesses for $11.4m

Pharmaceutical company Biota (ASX:BTA) has acquired the drug development assets of two companies for a combined $11.4 million in cash and shares.

Biota said it would purchase the drug development assets of Boston-based MaxThera for US$1.5 million ($1.61 million), with US$1.2 million to be paid out in cash, and the rest in Biota shares.

The company will also gain control of the drug discovery wing of Oxford’s Prolysis for $10.8 million in new-issue Biota shares, as well as up to 15% of the milestone and royalties received by Biota.

Speaking at the AGM today, CEO Peter Cook said he was “excited” about the company’s prospects for FY10 and beyond.

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Tags pharmaceuticalsBiotaMergers and acquisitions

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