Cangene Acquires Twinstrand Therapeutics Inc.
News Jul 08, 2009
Cangene Corporation has announces that it has acquired all issued and outstanding shares of privately held Twinstrand Therapeutics Inc. Cangene has paid $1.5 million 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.