UK tissue based drug company Pharmagene and US tissue supplier Asterand to merge

Published: 20-Sep-2005

Pharmagene, the UK human tissue based drug discovery company, has agreed the terms of a merger with Asterand, a private US company focused on human tissue supply and services. The merger will create a company in human tissue supply and human tissue based research services with a supply network of more than 70 sites in the US and Europe.


Pharmagene, the UK human tissue based drug discovery company, has agreed the terms of a merger with Asterand, a private US company focused on human tissue supply and services. The merger will create a company in human tissue supply and human tissue based research services with a supply network of more than 70 sites in the US and Europe.

The deal is being implemented through a share-for-share exchange in which Asterand shareholders will receive approximately 54.2m ordinary shares representing 50% of the issued share capital of the enlarged group. In addition, a deferred consideration will be payable to Asterand preferred shareholders equivalent to five times the profit before tax of the new group for the financial year ending 31 December 2006.

Pharmagene will be renamed Asterand and will be led by ceo Randal Charlton (currently Asterand's ceo), Ronald Openshaw, chief financial officer (currently Pharmagene's Acting ceo and cfo) and Martin Stefanelli, ceo (currently Asterand's chief operations officer).

Commenting on the merger, Ronald Openshaw, said: 'Asterand and Pharmagene have complementary geographic strengths in Europe and the US and the enlarged group will have an international sales and marketing organisation, laboratories in the US and the UK, and a team of qualified research staff enabling it to offer clients a wide range of human tissue based research services.'

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