Onxeo announces closing of DNA Therapeutics acquisition
Onxeo gains access to AsiDNA compound, a first-in-class signal interfering DNA.
Onxeo has completed the acquisition of DNA Therapeutics and its signal-interfering DNA (siDNA) repair technology and lead product candidate AsiDNA. AsiDNA accelerates cancer cell death by breaking the cycle of tumor DNA repair.
The acquisition of DNA Therapeutics continues to demonstrate Onxeo’s commitment to developing novel orphan oncology drugs that position the company at the forefront of scientific research for rare cancers with high, unmet medical needs, and have the potential to generate significant value for the company and its stakeholders by opening other indications and markets.
Onxeo acquired DNA Therapeutics for an upfront payment of €1.7 million paid at closing through the issuance of 553,819 new Onxeo shares at a price per share of €3.01, corresponding to the weighted average market price of Onxeo on the Euronext Paris market over the thirty trading sessions preceding 29 February 2016. Additional payment will come in the form of milestones including €1 million in cash or in ONXEO shares, at Onxeo’s sole discretion, upon successful initiation of a Phase II trial in a selected indication as well as royalty payments on future commercial sales, up to €25 million per indication developed and approved.
In conjunction with the transaction, and as previously announced, certain DNA Therapeutics’ historical shareholders have agreed to invest an aggregate amount of €1 million in cash in Onxeo through a private placement reserved to a limited number of investors, showing their full support to Onxeo and AsiDNA. This capital increase will result in the issuance of 364,958 shares at a price of €2.74, corresponding to the weighted average market price of Onxeo on the Euronext Paris market over the five trading sessions preceding the closing date, reduced by a discount of 15%.
Following completion of these transactions, Onxeo’s share capital will amount to €10,367,715, divided into 41,470,860 shares. The newly created Onxeo common shares issued as a result of the acquisition of DNA Therapeutics and the private placement will be admitted on compartment B of Euronext Paris and on Nasdaq Copenhagen on the same quotation line as existing shares.
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