Abraxis BioScience, Inc. and ProMetic Life Sciences Inc. Enter Into License Agreements for up to US $295 Million for Four Biopharmaceuticals
HealthPro BioVentures, LLC of New York is pleased to announce that HealthPro has acted as advisor to ProMetic Life Sciences. Abraxis and ProMetic have recently entered into license agreements for up to US $295 million for four biopharmaceuticals. In addition, Abraxis has made an initial US $7 million equity investment in ProMetic, with future additional optional equity investments of up to US $25 million.
See attached Press Release: http://www.prometic.com/en/news-events/press-release-abraxis-prometic-enter-license-agreements-515.php
"This transaction is a transformative event for ProMetic, expanding the company's developmental and distribution capabilities through the leveraging of Abraxis's extensive resources. We are pleased to be working with these two world class institutions." stated Martin Kratchman, Managing Partner of HealthPro BioVentures.
"This partnership is a major step for ProMetic and will result in maximizing the true hidden value of this important company. ProMetic and Abraxis are ideal partners; together they will provide multiple, invaluable therapies to meet the unmet needs of numbers of patients", stated John Andreadis, Managing Partner of HealthPro BioVentures.
"HealthPro was involved in all aspects of this transaction. HealthPro was instrumental in working with ProMetic to structure and negotiate this meaningful transaction for our company. " commented Pierre Laurin, President and Chief Executive Officer of ProMetic.
About Abraxis BioScience, Inc.
Abraxis BioScience, Inc. is a fully integrated global biotechnology company dedicated to the discovery, development and delivery of next-generation therapeutics and core technologies that offer patients safer and more effective treatments for cancer and other critical illnesses. The Company's portfolio includes the world's first and only protein-bound chemotherapeutic compound (ABRAXANE®), which is based on the Company's proprietary tumor targeting technology known as the nab™ platform. The first FDA approved product to use this nab™ platform, ABRAXANE®, was launched in 2005 for the treatment of metastatic breast cancer. Abraxis trades on the NASDAQ Global Market under the symbol ABII. For more information about the Company and its products, please visit www.abraxisbio.com.
About ProMetic Life Sciences Inc.
ProMetic Life Sciences Inc. (www.prometic.com) is a biopharmaceutical company specialized in the research, development, manufacture and marketing of a variety of commercial applications derived from its proprietary Mimetic Ligand™ technology. This technology is used in large-scale purification of biologics and the elimination of pathogens. ProMetic is also active in therapeutic drug development with the mission to bring to market effective, innovative, lower cost, less toxic products for the treatment of hematology and cancer. Its drug discovery platform is focused on replacing complex, expensive proteins with synthetic "drug-like" protein mimetics. Headquartered in Montreal (Canada), ProMetic has R&D facilities in the U.K., the U.S. and Canada, manufacturing facilities in the U.K. and business development activities in the U.S., Europe, Asia and in the Middle-East.