OSI Pharmaceuticals Announces Acquisition of All Minority Interest Shares of Prosidion Limited
OSI Pharmaceuticals, Inc. announced that it has completed a stock-for-stock exchange resulting in the acquisition of all minority interest shares of the Company's majority-owned UK-based diabetes and obesity subsidiary, Prosidion Limited. A total of 84,940 new shares of OSIP were issued in exchange for the 286,200 minority interest shares of Prosidion, which represents 2.7 percent of Prosidion shares. The issued OSIP shares represented an approximately 0.17% dilution of total OSIP shares outstanding.
The Company will continue to operate its diabetes and obesity effort in its Oxford, UK facility as (OSI) Prosidion and Dr. Anker Lundemose, the Chief Executive Officer of Prosidion Limited, has been appointed Executive Vice President and President of (OSI) Prosidion and will join OSI's Executive Management Committee.
Prosidion Limited was formed in January 2003 and has, through internal R&D and an aggressive licensing and acquisition program, assembled a promising pipeline of diabetes and obesity product candidates. The most advanced of these is PSN9301, a dipeptidyl peptidase IV (DP-IV) inhibitor which was acquired, along with an associated intellectual property estate, from the German company Probiodrug AG in June 2004. PSN9301 is currently in Phase II clinical trials. In addition, drug candidates targeting the activation of glucokinase and the inhibition of glycogen phosphorylase, both key enzymes in the regulation of glucose metabolism, are expected to enter clinical trials this year.
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