SuperGen shareholders approve share issue for Astex purchase
Further step towards closing the transaction
SuperGen, a US developer of cancer drugs, says its shareholders have approved the issue of shares in connection with the acquisition of Astex Therapeutics.
Astex is a privately held, UK-based biotechnology company that is developing treatments for cancer and viruses.
James Manuso, chairman, president and chief executiv of SuperGen, said: ‘With this stockholder approval, we have taken a concrete step towards closing a transaction that we believe will create one of the world’s foremost oncology discovery and development companies.’
SuperGen said in April that it would buy Astex for US$25m in cash, plus 35% of the shares in SuperGen, then a further $30m in additional cash or stock over a period of 30 months.
The deal is expected to close in July, pending approval from shareholders and regulators.
After completion, the combined entity will be called Astex Pharmaceuticals and headquartered in Dublin, California, US.
Astex Pharmaceuticals will be eligible to receive US$2bn in potential future milestone payments and royalties.
