Neurobiological Tech buys Empire Pharma

USA-based Neurobiological Technologies says that it has acquired EmpirePharmaceuticals, a privately-held company, in a stock and cash transaction valued at up to approximately $22.8 million.

As part of the transaction, NT has acquired the exclusive worldwide rights to Viprinex (ancrod), a late-stage perfusion therapy for use in the treatment of acute ischemic stroke, which affects more than 600,000 patients in the USA annually. Under the terms of the deal, NT has initially issued 2,399,168 shares of common stock and paid $2 million to Empire shareholders. If pivotal Phase III trials for Viprinex are commenced as currently planned, NT will issue an additional 2,375,176 shares and pay a further $2 million.

Paul Freiman, chief executive of NT, noted: "last March, we raised $19.4 million to expand our pipeline with later-stage products that have ripe strategic options. We are pleased to have made what we believe to be an important step in meeting that objective and gaining an opportunity to become an important player in the stroke market."