Poniard Pharma and Allozyne sign merger deal

24 June 2011

US drugmaker Poniard Pharmaceuticals (Nasdaq: PARD) says it has signing of a definitive merger agreement with Allozyne, a privately held biotechnology company focused on the development of bioconjugated protein therapeutics in a share exchange deal.

The merger transaction will bring together Allozyne’s autoimmune disease product pipeline and proprietary protein engineering platform and Poniard's oncology assets, including picoplatin, a Phase III-ready chemotherapeutic agent. The combined company is expected to focus its resources on advancing the Allozyne products and platforms, and will seek a partnership for the continued development of picoplatin.

Allozyne shareholders to own 65% of shares in combined firm

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