ValiRx company acquires Finnish biomarkers business
ValiFinn, a subsidiary of ValiRx, has acquired the Biomarkers business unit of Oulu, Finland-based Pharmatest Services, together with five groups of patents and patent applications and related intellectual property. The consideration is a payment of EUR 75,000 and the allotment of 15 million ValiRx shares. There is also an obligation to pay a royalty to Pharmatest from future revenues relating to the IP and for the life of the patents.
The Biomarkers business unit, which comes with a revenue stream that is derived from the provision of contract research services to pharmaceutical companies who are using its library of biomarkers, will form a new division at ValiFinn. Strategically, the acquisition will enhance the the company's R&D capability, as the specialist biomarker expertise within the unit is used to advance in-house the development of companion biomarker diagnostics to complement ValiRx' therapeutics, existing IP and companion diagnostic activities.
According to ValiRx, epigenomics is a rapidly advancing field and pairing a prognostic and/or predictive biomarker diagnostic with a targeted drug is emerging as a key part of personalised medicine, particularly in cancer patients. The company believe therefore that the IP acquired can add considerable value to the company, and anticipate the Biomarker unit's involvement in ValiRx' forthcoming trials, and to benefiting from the favourable environment for regulated medical and clinical studies in the Nordic region.