4D Pharma Acquires Irish Diagnostics Startup Tucana Health.
M2 EQUITYBITES-February 16, 2016-4D Pharma Acquires Irish Diagnostics Startup Tucana Health
(C)2016 M2 COMMUNICATIONS http://www.m2.com
16 February 2016 - UK-based pharmaceutical company 4D pharma plc (AIM: DDDD) has acquired the entire issued share capital of Irish diagnostics start-up Tucana Health Ltd., the company said.
The deal is worth GBP 3.1m (USD 4.5m) up front.
Tucana, a start-up company from University College Cork was founded by Prof Fergus Shanahan and Prof Paul O'Toole to investigate the use of microbiome signatures to aid the diagnosis and treatment of diseases, including those targeted by 4D pharma.
Following the acquisition, 4D pharma will continue to build on this research, investing in the platform and building further research capability based at the APC Microbiome Institute at UCC.
Initially, the focus will be on work on the diagnosis and patient stratification for Irritable Bowel Syndrome.
Longer term the company will focus on building a diagnostic platform across multiple disease areas mirroring the programmes developed by MicroRx, 4D pharma's therapeutic platform.
This work will be led by Fergus Shanahan and Paul O'Toole, the founders of Tucana.
The consideration will be satisfied by the issue of up to 1,410,603 4D pharma shares, with 410,603 shares to be issued upfront at a price of GBP 7.55, being the average mid-market price of a 4D pharma share for the five business days immediately preceding completion of the acquisition.
The remaining consideration shares will be issued subject to the achievement of milestones.
Application has been made for the new 4D pharma shares issued on completion of the acquisition to be admitted to trading on AIM.
Founded in February 2014, 4D pharma is in the development of live biotherapeutics, a novel and emerging class of drugs, defined by the FDA as biological products that contain a live organism, such as a bacteria, that is applicable to the prevention, treatment or cure of a disease.
((Comments on this story may be sent to email@example.com))
|Printer friendly Cite/link Email Feedback|
|Publication:||M2 EquityBites (EQB)|
|Date:||Feb 16, 2016|
|Previous Article:||Anheuser-Busch InBev Receives Asahi Offer for Peroni, Grolsch and Meantime Businesses.|
|Next Article:||Air Products reports new price list for liquid and bulk industrial gas products in North America.|