Procyon to acquire Cellpep
Canadian firm Procyon Biopharma says it has agreed to acquire France's Cellpep SA for $39.1 million in shares, and added that it will create a new company called Ambrilia Biopharma which will focus on the creation of medication for cancer and infectious diseases.
The firm, which has recently completed an $18.1 million private placement financing, said that the new business will be based in Toronto, Canada, and would be listed in the local stock exchange under the symbol AMB. Opep Pharma, Cellpep's Canadian manufacturing subsidiary, will be maintained by a $1.9 million loan that Procyon has secured for the purpose.
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