Grifols acquires 40% of Spanish biotech firm VCN Bioscience

Spanish health care group Grifols (GRLS: MC), the world's third largest plasma product manufacturer, has acquired 40% of the equity of Catalan biotechnology firm VCN Biosciences, dedicated to the R&D of new therapeutic approaches for tumors for which there is no effective treatment. Financial terms of the transaction were not disclosed.

VCN focuses specifically on the development of new cancer treatment agents based on highly selective oncolytic adenoviruses1 with the potential to be deployed against tumors. The company's most advanced project focuses on the treatment of pancreatic cancer.

Grifols' participation in the equity of VCN Biosciences will enable the firm to continue to develop this new therapeutic approach, currently at the preclinical phase and scheduled to enter the clinical stage in 2013. In 2011 it received Orphan Drug designation from the European Medicines Agency, due to the fact that amongst other the prevalence of pancreatic cancer in the European Union is estimated at 60,000 patients.