Mergers & Acquisitions

Guilford to obtain exclusive worldwide ownership of AQUAVAN prodrug technology

Published in Biotech Business Week, January 3rd, 2005

Guilford Pharmaceuticals, Inc., (GLFD) announced that it has entered into a definitive merger agreement with ProQuest Pharmaceuticals, Inc., a privately held biopharmaceutical company based in Lawrence, Kansas, under which Guilford will acquire ProQuest for approximately $7.0 million in Guilford common stock.

In exchange, Guilford will obtain full ownership of the worldwide intellectual property rights to AQUAVAN Injection, a novel sedative/hypnotic currently in phase III clinical testing.

The ProQuest acquisition supersedes a technology license agreement signed between the two companies in March 2000, under which Guilford obtained worldwide...

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Source: Biotech Business Week (2005-01-03)

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