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May 25, 2017

Deals this week: Elite Pharmaceuticals, Recordati, GlycoMimetics

US-based Elite Pharmaceuticals has acquired an approved abbreviated new drug application (ANDA) from Mikah Pharma for Trimipramine Maleate Capsules, a generic version of tricyclic antidepressant Surmontil.

US-based Elite Pharmaceuticals has acquired an approved abbreviated new drug application (ANDA) from Mikah Pharma for Trimipramine Maleate Capsules, a generic version of tricyclic antidepressant Surmontil.

The drug will be marketed by Dr Reddy's Laboratories, going forward.

Italian-based pharmaceutical company Recordati has signed an agreement with AstraZeneca to acquire the latter’s commercial rights of two treatments in Europe.

The drugs include Seloken / Seloken ZOK (metoprolol succinate) and associated fixed-dose combination of Logimax (metoprolol succinate and felodipine).

Recordati will pay $100m to AstraZeneca upon completion of the agreement, while the latter will manufacture and supply the drugs to the former.

UK-based biopharmaceutical company AstraZeneca will also be paid royalties based on European sales of the two drugs.

US-based clinical-stage biotechnology company GlycoMimetics intends to offer six million shares of its common stock to the public as part of its plans to raise up to $150m in gross proceeds.

Underwriters to the offering are granted a 30-day option to purchase up to 900,000 more shares.

The proceeds are intended to fund clinical trials of some of the company’s pipeline drugs and research and development of pre-clinical pipeline. Part of the funds will also be utilised for working capital and other general corporate purposes.

"Italian-based pharmaceutical company Recordati has signed an agreement with AstraZeneca to acquire the latter’s commercial rights of two treatments in Europe."

Syndax Pharmaceuticals will raise $50m in gross proceeds through an underwritten public offering of shares of its common stock.

Underwriters will be granted a 30-day option to purchase additional shares worth $7.5m to cover any over-allotments.

Syndax is a clinical-stage biopharmaceutical company based in the US.

Multiple assets of Igenica Biotherapeutics, an antibody and antibody-drug conjugates developer based in the US, are agreed to be acquired by Laboratoires Pierre Fabre.

The assets include innovative immunotherapies targeting immune checkpoints and certain early discovery targets.

Based in France, Laboratoires Pierre Fabre provides pharmaceuticals, health and dermo-cosmetic products.

US-based clinical-stage biopharmaceutical company TP Therapeutics has completed a series C financing round that raised $45m.

The funds are intended to be used to continue to the development of the company’s lead programme, TPX-0005.

The programme aims to treat naive and resistant patients with ALK, ROS1 or NTRK abnormal genes.

Part of the proceeds will also be used to advance a number of pre-clinical pipeline projects.

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