Transaction is expected to be completed in July/August
BioAlliance Pharma, a French developer of medicines for orphan oncology diseases, and Danish biopharmaceutical company Topotarget, have confirmed their plan to merge.
The combined businesses will operate under the new name, Onxeo, with the aim of becoming a global leader in orphan oncology.
The deal was originally announced in April.
Under the terms of the merger, two newly issued shares in BioAlliance Pharma will be exchanged for every 27 Topotarget shares held, resulting in BioAlliance Pharma shareholders holding approximately two-thirds and existing Topotarget shareholders one-third of Onxeo.
No further financial details have been revealed.
Following the merger, Onxeo will have a portfolio of advanced compounds targeting severe pathologies where an unmet medical need exists.
Onxeo will be led by Judith Greciet, Chief Executive of BioAlliance Pharma. Patrick Langlois will continue in his role as Chairman of Onxeo. The Board of Directors of Onxeo will be strengthened by the arrival of Bo Jesper Hansen, currently Chairman of Topotarget, and Per Samuelsson, Partner in the HealthCap venture capital funds.
Greciet said the merger will allow Onxeo to strengthen and diversify its position in rare cancers. 'With a promising portfolio, recognised expertise and greater critical mass, I am confident that Onxeo will rapidly become a major company in the field of orphan oncology treatments,' she said.
The merger is expected to be completed in July/August.