MediGene to acquire Avidex in €50 million share-for-share transaction

By Elaine Rigoli

Tampa, Fla., Aug. 31 - MediGene AG said it signed a share purchase agreement to acquire Avidex Ltd., a privately held biotechnology company based in Oxford, England.

MediGene intends to acquire 100% of the Avidex shares outstanding, and Avidex shareholders will receive roughly 8.2 million MediGene shares. The value of the transaction at the current market price is about €50 million.

With this acquisition, MediGene said it will diversify and broaden its drug pipeline with several drug candidates to treat cancer and autoimmune diseases and will add a proprietary technology platform to further fuel its future drug pipeline.

The lead product, RhuDex, an orally available CD80 inhibitor, will soon enter a phase 2a clinical trial for the treatment of rheumatoid arthritis. The company said the product is expected to generate peak annual sales of more than €1.5 billion.

MediGene is a biotechnology company located in Martinsried, Germany, and San Diego.

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