Pharmacosmos to acquire G1 Therapeutics

Denmark oncology-based Pharmacosmos today revealed it has entered a definitive agreement to acquire US cancer-focused company G1 Therapeutics (Nasdaq: GTHX), whose shares leapt more than 66% to $7.07 in early trading on the news.

Pharmacosmos will acquire all outstanding shares of G1 Therapeutics common stock for $7.15 per share in cash for a total equity value of around $405 million, which represents a 68% premium to G1’s closing share price on August 6, 2024 and a 133% premium to G1’s prior 30-day volume weighted average price. The boards of directors of the parties have unanimously approved the transaction, which is expected to close late in the third quarter of 2024.

G1’s Cosela (trilaciclib) is the first and only product approved by the US Food and Drug Administration to decrease the  incidence of chemotherapy-induced myelosuppression in adult patients when administered prior to a  platinum/etoposide-containing regimen or topotecan-containing regimen for extensive-stage small cell lung cancer (ES-SCLC).