NattoPharma buys MGP for $2.7M

Norwegian drugmaker NattoPharma ASA has acquired MGP Diagnostics AS for 17.2 million Norwegian krone ($2.7 million), resolving the conflict between them and securing a granted patent that is the key to the development of a new diagnostic test that may determine the need for the vitamin K2 product Mena Q7, NattoPharma's lead product.

The Lysaker-based company bought a total of 131,000 shares at 131 krone each from the previous owners: Anacott Steel AS (22.5%), Stein Westbye (22.5%), Leon Schurgers (22.5%), Cees Vermeer (22.5%) and VitaK (10%).

A wholly-owned subsidiary of the University of Maastricht, VitaK conducts most of NattoPharma's research on vitamin K2. The agreement gives the former company the right to 5% royalty of revenues generated by MGP, limited upwardly to 5.0 million krone per year and a total 40.0 million krone throughout the lifespan of the patent.