Mergers & Acquisitions

Privately held U.K. biotechnology company Ionix Pharmaceuticals acquired

Published in Cancer Weekly, August 9th, 2005

Vernalis plc (VNLS) announced that it has entered into an agreement to acquire the privately held U.K. company Ionix Pharmaceuticals Limited in a share-based transaction valuing Ionix at approximately UKP12.5 million (US$31.8 million). Completion of the transaction is not subject to approval by Vernalis' shareholders.

Ionix's principal asset is IX-1003, a proprietary intranasal formulation of buprenorphine for acute post-operative pain. Buprenorphine, a well-known opiate analgesic and the intranasal formulation, is being developed to provide rapid pain relief while potentially reducing some side effects associated with opiates. The IX-1003 program, which has completed...

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Source: Cancer Weekly (2005-08-09)

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