PlasmaTech Biopharmaceuticals to acquire Abeona Therapeutics
Abeona's preclinical studies have demonstrated promising efficacy in cognitive function, motor and survival in Sanfilippo Syndrome (MPS IIIA and MPS IIIB)
PlasmaTech Biopharmaceuticals has entered into a definitive agreement to acquire Abeona Therapeutics, a company engaged in the development and commercialisation of therapies for patients with lysosomal storage diseases.
Under the terms of the agreement, the company will issue to Abeona Therapeutic members a total of 3,979,761 common shares upon closing of the transaction, and up to an additional US$9 million in performance milestones, in common stock or cash, at the company's option.
‘We believe this acquisition represents an exciting cornerstone of our strategy to build a world-class cell and gene therapy company focused on rare diseases,’ noted Steven H. Rouhandeh, PlasmaTech's Executive Chairman. ‘Abeona's programmes in MPS IIIB and IIIA address a compelling unmet medical need with breakthrough technology and fundamental core competencies to develop products and accelerate value for patients and shareholders.’
‘This acquisition will accelerate the development and internationalisation of both clinical programmes owing to increased access to capital and organisational capabilities. Importantly, the Abeona operating and scientific teams will remain intact and we believe Tim Miller's unique blend of experience and capabilities makes him ideal to move the company forward towards our goal of becoming a leader in rare diseases,’ he added.
In connection with the acquisition, Tim Miller, PhD, President and CEO of Abeona will succeed Scott Schorer. ‘Tim Miller brings significant experience and leadership in developing and commercialising novel cell and gene therapies,’ said Rouhandeh. ‘We want to thank Scott Schorer for his service as PlasmaTech's Chief Executive Officer, and look forward to his continued contributions to the Alpha-1 programme as a consultant to the company.’
‘We want to thank our supporting foundations and patient advocates, who have demonstrated that their voice is a critical component of accelerating rare disease programmes,’ said Dr Miller. The board of directors of PlasmaTech Biopharmaceuticals and the managers of Abeona have unanimously approved the transaction, which is expected to close in the second quarter of 2015, subject to customary closing conditions.
