US biotech company Dor Biopharma acquires Danish biotech fledgling  

2005.11.04
US biotech company Dor Biopharma has acquired Gastrotech Pharma, a Danish biotech company based in Copenhagen

US biotech company Dor Biopharma has acquired Gastrotech Pharma, a Danish biotech company based in Copenhagen. Gastrotech shareholders will be issued Dor Biopharma shares worth between DKK 50-60 mn (USD 8 mn-9.6 mn) following closure of the acquisition. In addition, Dor will pay up to DKK 185 mn (USD 29.6 mn) in cash if a Gastrotech product is marketed and achieves sales of at least DKK 300 mn (USD 48 mn) annually.

Following the acquisition, Dor Biopharma will maintain operations in Copenhagen which will oversee current and planned clinical development of the combined company in Europe. Dor Biopharma may seek an IPO on Copenhagen Stock Exchange at a later stage.

Gastrotech Pharma was founded in 2003, and specialises in the development of therapeutics based on gastrointestinal peptide hormones for the treatment of cancer and gastrointestinal diseases. The company currently has two compounds in phase II clinical testing. Prior to the acquisition venture firm Nordic Biotech was the largest shareholder of Gastrotech Pharma. The news was reported by financial daily newspaper Børsen.

Link > Gastrotech Pharma 

Link > Dor Biopharma

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