Abraxis BioScience, a fully integrated biotechnology company, today announced the completion of the acquisition of Shimoda Biotech and its subsidiary, Platco Technologies, located in Plettenberg Bay, South Africa.
Under the terms of the agreement, Abraxis acquired 100% of the equity of both Shimoda and Platco for an initial upfront payment at closing of USD 15m, plus potential additional payments upon the achievement of specified milestones.
"We believe Shimoda and Platco are valuable acquisitions for Abraxis, offering a revenue stream from Dyloject, a product pipeline based on a novel cyclodextrin delivery platform, and access to promising next-generation platinum-based compounds. These compounds can expand Abraxis' growing oncology franchise and target global markets in excess of USD 2bn," said Patrick Soon-Shiong, MD, chairman and CEO of Abraxis BioScience.
"Joining forces with Abraxis is an excellent opportunity to advance our product development efforts with a global company that has in-depth knowledge in our target markets," said Gregory Gilbert, CEO of Shimoda. "We look forward to working together and leveraging the value we have created through our internal efforts and partnerships."