Pharming To Proceed With The Acquisition Of Dnage
Leiden, The Netherlands, August 10, 2006. Biotech company Pharming Group NV (“Pharming”) (Euronext: PHARM) (PHARM.AS) today announced that it will proceed with the acquisition of DNage BV (“DNage”) based on a decision by the Enterprise Section of the Amsterdam Court of Appeal (“Enterprise Section”).
The Enterprise Section has rejected the appeal of the Works Council regarding the proposed acquisition of DNage. The decision allows Pharming and DNage to proceed with the acquisition, which will now be finalized as originally planned. Pharming expects the legal agreements and other formalities necessary for the acquisition to be completed in the near future.
On March 24, 2006, Pharming announced a heads of agreement with DNage to acquire all shares of DNage. During the acquisition process, the Works Council of Pharming, however, appealed the decision to acquire DNage at the Enterprise Section.
A combination of Pharming with DNage will generate important synergies. It will provide Pharming with access to highly innovative products and a technology platform for new markets in the areas of ageing and cancer. The combination of the world-class technology owned and in-licensed by DNage and Pharming’s human protein products will provide Pharming with new opportunities in the area of tissue repair and regeneration. Pharming expects the acquisition of DNage to trigger additional business development opportunities including new partnerships as well as grants and subsidies.
Pharming remains committed to bringing recombinant human C1 inhibitor and human lactoferrin to the market through focused efforts in the shortest time possible. At the same time, Pharming will continue to build on its research efforts creating a sustainable portfolio of products and technologies addressing markets with significant medical needs.
Background on DNage BV
DNage is a biopharmaceutical company founded in 2004 as a spin off from the Department of Genetics of the Erasmus Medical Center Rotterdam. The company was funded through an equity investment of an international syndicate of venture capitalists consisting of Life Sciences Partners (NL) and Inventages (CH). The company’s main scientific founder Prof J. Hoeijmakers is a world-renowned scientist working on DNA repair and genome stability. His team was the first to establish an explicit connection between DNA damage (lack of repair) and the process of aging, a scientific breakthrough. DNage has acquired exclusive access to this technology and now focuses on developing therapies to reduce the effects of aging, leveraging the unique technologies developed by its founders. On April 24, 2006, DNage announced the start of a corporate partnership with Loders Croklaan BV and BG Medicine Inc in the field of type II Diabetes. This program is supported with a € 1 million grant awarded by the Dutch Department of Economic Affairs. Additional information is available on the DNage website http://www.dnage.nl.
Background on Pharming Group NV
Pharming Group N.V. is developing innovative protein products for unmet needs. The Company’s products include potential treatments for genetic disorders, specialty products for surgical indications, intermediates for various applications and food products. Pharming has two products in late stage development - recombinant human C1 inhibitor for hereditary angioedema (Phase III) and recombinant human lactoferrin for food use. The advanced technologies of the Company include innovative platforms for the production of protein therapeutics, as well as technology and processes for the purification and formulation of these products. Additional information is available on the Pharming website, http://www.pharming.com.
This press release contains forward looking statements that involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from the results, performance or achievements expressed or implied by these forward looking statements. The press release also appears in Dutch. In the event of any inconsistency, the English version will prevail over the Dutch version.
- Contact Information
- Samir Singh
- Pharming Group NV
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