Printer Friendly

BIOCHEM PHARMA PURCHASES AN EQUITY STAKE IN ANTISOMA

 LAVAL, Quebec, Oct. 12 /PRNewswire/ -- BioChem Pharma Inc. (NASDAQ: BCHXF; MSE, TSE: BCH) purchased 21 percent of Antisoma Ltd, a U.K. company based in London, for an initial investment of about $1 million, with a 5 year option to increase its stake to about 25 percent on a fully diluted basis. At the same time, BioChem and Antisoma also entered into a joint collaboration and licensing agreement to develop diagnostic and therapeutic products in the field of oncology.
 Antisoma is a leading privately held biotechnology company based in the United Kingdom. Its Science Council is chaired by Dr. Cesar Milstein, recipient of the 1984 Nobel Prize in Medicine for his discovery of monoclonal antibodies. Antisoma concentrates on three diagnostic and therapeutic areas: oncology, cardiovascular diseases and inflammation.
 The joint collaboration in the field of oncology between BioChem and Antisoma is to identify diagnostic and therapeutic compounds capable of recognizing a core protein sequence present in certain types of cancers. BioChem has a license to develop any products resulting from this joint collaboration. Antisoma has filed several patent applications in the oncology field.
 "Antisoma gains access to the North American market through a significant international Canadian-based partner in the scientific field," said Sir George Pinker, chairman of Antisoma.
 "This investment and collaboration with Antisoma is part of our global strategy to seek out technology which is complementary to ours, as well as to increase our presence internationally," said Dr. Francesco Bellini, president and chief executive officer of BioChem Pharma.
 BioChem Pharma Inc. is a pharmaceutical company dedicated to the research, development and commercialization of innovative products for the detection, prevention and treatment of human diseases.
 -0- 10/12/93
 /CONTACT: James McDonald, senior vice president, investor relations of BioChem Pharma, 514-681-1744, or Kate de Santis, vice president of Dewe Rogerson, 212-688-6840/
 (BCHXF)


CO: BioChem Pharma Inc.; Antisoma Ltd ST: Quebec IN: MTC SU:

MP-PS -- NY039 -- 1025 10/12/93 11:03 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 12, 1993
Words:322
Previous Article:PRINCIPAL RECEIVES APPROVAL TO OPERATE IN MEXICO
Next Article:UNILAB CORPORATION SETS NOV. 10, 1993 AS DATE FOR SPECIAL STOCKHOLDERS' MEETING
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters