Corporate Banner
Satellite Banner
Next Gen Sequencing
Scientific Community
 
Become a Member | Sign in
Home>News>This Article
  News
Return

SYGNIS and GENETRIX Sign a Binding Term Sheet

Published: Monday, July 23, 2012
Last Updated: Monday, July 23, 2012
Bookmark and Share
Proposed combination of businesses of SYGNIS and GENETRIX’ subsidiary X-Pol.

SYGNIS Pharma AG and GENETRIX have announced that the biotechnology companies SYGNIS and GENETRIX have signed a binding Term Sheet under which the companies propose to combine the GENETRIX’ DNA sequencing subsidiary X-Pol Biotech and SYGNIS.
 
Goal is to develop and market X-Pol Biotech, S.L.’s DNA sequencing technologies and products.

SYGNIS will acquire 100% ownership of X-Pol by way of capital increase against contribution in kind and therefore X-Pol will become a 100% subsidiary of SYGNIS.

After the proposed transaction, the existing shareholders of X-Pol are expected to hold 77.5% of SYGNIS shares. Cash and existing financial facilities, such as SEDA are expected to cover the financial needs of SYGNIS after the transaction until achieving positive cash flows.

The executive and supervisory boards of both companies have voted unanimously for the proposed key terms of the transaction. The transaction is subject to an exemption granted by BaFin from the obligations pursuant to Section 35 of the German Takeover Act (Wertpapiererwerbs- und Übernahmegesetz), in particular to submit a mandatory tender offer to the existing shareholders of SYGNIS in connection with the transaction.

It is also dependent on the approval of SYGNIS shareholders at the next shareholders’ meeting. It is proposed that Pilar de la Huerta (CEO of GENETRIX) will join the SYGNIS Management Board following the closing of the transaction.

The transaction takes advantage of SYGNIS’ long lasting expertise in the biotechnology business and its stock listing in combination with GENETRIX’ expertise in the upcoming field of molecular diagnostics.

“Qualiphi®” is the most advanced commercial product in the X-Pol portfolio. Very recently GENETRIX signed a first global and exclusive licensing agreement for X-Pol´s “Qualiphi®” polymerase product with Qiagen, the global sample and assay technologies company. X-Pol`s DNA polymerases, due to their unique properties, are believed to increase the performance of DNA amplifications significantly.

X-Pol’s polymerases enable a wide range of applications for DNA amplification, repair, sequencing and modification of genetic targets of research and clinical interest. Polymerases such as “Qualiphi®” are necessary for the amplification of large DNA fragments and complete genomes, and are an essential tool for any research that requires the use of DNA from any species.

In conjunction with the advances made in the field of DNA sequencing and personalized medicine, the market for polymerases is estimated to grow by 25% annually for the coming years. Current estimates have calculated the current global isothermal DNA amplification market alone to be of up to €70 million.

Peter Willinger, CFO of SYGNIS commented: “We are very excited to leverage our assets and, thus, create a new SYGNIS, with a new profile based on its long lasting expertise. The company will have an entirely new focus and business and will provide a lower risk profile with the near term visibility of revenues and profitability.”

Dr. Frank Rathgeb, CMO of SYGNIS complemented: “The scientific team of X-Pol is a frontrunner in the polymerases field. We are happy to join forces with these excellent scientists and will put a clear focus on building on the X-Pol DNA sequencing business and related activities within the field of molecular diagnostics.”

Pilar de la Huerta, CEO of GENETRIX added: “The combination of both companies offers great opportunities: access to the international healthcare capital markets and cash to advance our technologies and products and to build a strong company on top of that. The SYGNIS team and its Heidelberg biotech network offer us direct access to the scientific excellence of that region; we will use this huge potential to its full effect.”


Further Information
Access to this exclusive content is for Technology Networks Premium members only.

Join Technology Networks Premium for free access to:

  • Exclusive articles
  • Presentations from international conferences
  • Over 2,500+ scientific posters on ePosters
  • More than 3,700+ scientific videos on LabTube
  • 35 community eNewsletters


Sign In



Forgotten your details? Click Here
If you are not a member you can join here

*Please note: By logging into TechnologyNetworks.com you agree to accept the use of cookies. To find out more about the cookies we use and how to delete them, see our privacy policy.


Scientific News
The Changing Tides of the In Vitro Diagnostics Market
With the increasing focus in personalized medicine, diagnostics plays a crucial role in patient monitoring.
Genetic Overlapping in Multiple Autoimmune Diseases May Suggest Common Therapies
CHOP genomics expert leads analysis of genetic architecture, with eye on repurposing existing drugs.
Surprising Mechanism Behind Antibiotic-Resistant Bacteria Uncovered
Now, scientists at TSRI have discovered that the important human pathogen Staphylococcus aureus, develops resistance to this drug by “switching on” a previously uncharacterized set of genes.
Data Mining DNA For Polycystic Ovary Syndrome Genes
A new Northwestern Medicine genome-wide association study of PCOS – the first of its kind to focus on women of European ancestry – has provided important new insights into the underlying biology of the disorder.
Viral Comparisons
ORNL team applies genomics expertise to analyze, map virus sequence database.
The Tree of Life — More Like A Bush
New species evolve whenever a lineage splits off into several. Because of this, the kinship between species is often described in terms of a ‘tree of life’, where every branch constitutes a species.
Ancient Origins of Deadly Lassa Virus Uncovered
Working as part of an international team in North America and West Africa, a researcher at The Scripps Research Institute (TSRI) has published new findings showing the ancient roots of the deadly Lassa virus, a relative of Ebola virus, and how Lassa virus has changed over time.
Furthering Data Analysis of Next-gen Sequencing to Facilitate Research
Researchers at Cincinnati Children's Hospital Medical Center have developed a user-friendly, integrated platform for analyzing the transcriptomic and epigenomic "big data.
Statistical Technique Helps Researchers Understand Tumor Makeup, Personalize Cancer Treatments
A new statistical method for analyzing next-generation sequencing (NGS) data that helps researchers study the genome of various organisms such as human tumors and could help bring about personalized cancer treatments has been unveiled.
‘Fishing Expedition’ Nets Nearly Tenfold Increase in Number of Sequenced Virus Genomes
Newly developed computational tool finds 12,500 genomes of viruses that infect microbes.
SELECTBIO

Skyscraper Banner
Go to LabTube
Go to eposters
 
Access to the latest scientific news
Exclusive articles
Upload and share your posters on ePosters
Latest presentations and webinars
View a library of 1,800+ scientific and medical posters
2,500+ scientific and medical posters
A library of 2,500+ scientific videos on LabTube
3,700+ scientific videos
Close
Premium CrownJOIN TECHNOLOGY NETWORKS PREMIUM FREE!