Biota Pharmaceuticals has entered into a definitive agreement to acquire Anaconda Pharma, a privately-held biotechnology company based in Paris, France. Anaconda Pharma’s lead candidate is AP611074, a patented, direct-acting antiviral in development for the treatment of condyloma, or anogenital warts, as well as the orphan disease recurrent respiratory papillomatosis (RRP), both of which are caused by human papillomavirus (HPV) types 6 and 11.
Anaconda Pharma has successfully completed a Phase 2a clinical trial of AP611074 5% gel demonstrating biological activity with a significant reduction in the surface area of condyloma while exhibiting favorable local skin tolerability.
“We’re very enthusiastic about the global market opportunity for AP611074, and believe it is uniquely positioned to significantly improve the treatment paradigm for anogenital warts, the most frequent viral sexually transmitted disease worldwide, and RRP, a condition in which tumors grow in the respiratory tract,” stated Dr. Joseph Patti, president and chief executive officer of Biota. “We are encouraged by both the positive efficacy data as well as the favorable local skin tolerability profile observed in the proof-of-principle Phase 2a clinical trial. We are looking forward to the initiation of a randomized, placebo-controlled, double-blind, Phase 2b trial in patients with anogenital warts in the second half of 2015.”
“We believe that Biota’s antiviral clinical development capabilities and experience, along with its financial resources, will enhance and accelerate the development of AP611074,” stated Dr. Marta Blumenfeld, chief executive officer of Anaconda Pharma. “We are delighted to unite forces with Biota as AP611074 advances into a robust Phase 2b clinical trial later this year.”
Under the terms of the agreement, at closing all of Anaconda Pharma’s outstanding shares will be acquired for 3.5 million shares of Biota common stock and $8.0 million in cash, subject to certain closing and post-closing adjustments. Biota will fund the cash portion of the purchase price with cash on hand. The transaction also includes additional contingent financial consideration of up to $30.0 million, which is based on the successful achievement of certain future clinical and regulatory milestones, plus a royalty. Closing of the transaction, which is expected to occur by the end of April 2015, is subject to approval of the French Ministry of Finance and Economics and other customary conditions.
Source: “Biota Pharmaceuticals to Acquire Anaconda Pharma.” Pharmaceutical Processing. N.p., n.d. Web. 03 Mar. 2015.