Upsher-Smith to Take Over CNS Partner Proximagen

Abstract

Upsher-Smith Laboratories has agreed to acquire the 84% of its CNS partner Proximagen that it does not already own in a deal worth up to £356.8 M (US$554 M). For each Proximagen share, Upsher-Smith will pay £3.20, which represents a 16% premium over Proximagen’s closing price prior to the announcement of the transaction. The deal also includes contingent value rights relating to the success of two Proximagen compounds: the Phase I vascular adhesion protein-1 (VAP1) inhibitor for rheumatoid arthritis and PRX00933, which has completed Phase II development for the treatment of obesity