Cangene acquires Twinstrand Therapeutics Inc.
Cangene Corporation announces that it has acquired all issued and outstanding shares of privately held Twinstrand Therapeutics Inc. Cangene has paid $1.5 million (subject to post-closing adjustments) to acquire Twinstrand which has products, technologies and financial attributes including those related to tax. Twinstrand has established a technology that uses modified versions of ricin, a plant-derived cell toxin, as therapeutic prodrugs. Its lead drug, a product known as TST10088, is currently undergoing a Phase I clinical trial. The prodrugs leave healthy cells unaffected while specific chemical activity within targeted diseased cells activates the cell-killing activities of the drug. As a spin-off from its original focus, Twinstrand has also begun developing anti-ricin, antibody-based therapeutics; Cangene has partnered with Twinstrand on this technology in the past. The acquisition of Twinstrand includes an obligation that Cangene pay to certain of Twinstrand's former investors a royalty on any commercial sales of antibody products related to TST10088 that may be developed, as well as a royalty on any associated licensing fees.
"This acquisition is in line with our on-going interest in augmenting our commercial pipeline and biodefence products through the acquisition of complementary products or technologies," said Dr. John Langstaff, Cangene's president and CEO.
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