MAPLE GROVE, Minn. — Upsher-Smith Labs on Wednesday announced that it has agreed to acquire Proximagen Group, a European biotechnology company focused on the development and commercialization of novel therapeutics for diseases of the central nervous system and inflammation.
Upsher-Smith intends to retain operations in Cambridge and London, England, the company reported.
“Having worked closely with Proximagen as both a commercial partner and a strategic shareholder since 2008, we believe that Proximagen has significant potential and we are excited about the opportunity of bringing new therapies to market that will benefit patients," stated Mark Evenstad, president and CEO Upsher-Smith.
The acquisition provides Upsher-Smith with expanded research and development capabilities and a platform for future growth in product development. Proximagen’s pipeline contains a number of programs in various stages of development across a number of therapeutic classes including central nervous system, inflammation, oncology and ophthalmology, Upsher-Smith reported.
The transaction is subject to approval by Proximagen shareholders and other terms and conditions set out in the joint offer announcement released by Upsher-Smith and Proximagen.
The transaction is also subject to the approval of the High Court of Justice in England and Wales.
In addition to the unanimous recommendation from the Board of Proximagen, Upsher-Smith has obtained irrevocable undertakings from Proximagen shareholders to accept the deal in respect of 72.01% of the share capital, including from Proximagen’s largest shareholder, Invesco Asset Management Limited.