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Article: Arakis Providing Exit Via [pounds sterling]106.5M Sosei Acquisition.
- Article from:
- BIOWORLD Today
- Article date:
- November 3, 2009
CopyrightCOPYRIGHT 2009 A Thomson Healthcare Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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BioWorld International Correspondent
LONDON - Sosei Co Ltd. is taking over Arakis Ltd. for [pounds sterling]106.5 million (US$187.4 million) in a cash-and-shares deal that creates an Anglo-Japanese company valued at [pounds sterling]278 million.
It will have a lead product due for approval next year and eight further products in clinical development, including one that is licensed to Novartis AG.
To date, privately held Arakis has raised [pounds sterling]49 million in three funding rounds, the most recent in September 2003, when it banked [pounds sterling]29 million. It has [pounds sterling]30 million in cash, plus an expected income stream ...