Roquefort Therapeutics PLC on Friday said it completed its acquisition of cancer-focused biotech firm Oncogeni Ltd for £5.5 million.
The Main Market listed biotech company, which focuses on developing cancer treatments, issued 50 million new ordinary shares to the shareholders of Oncogeni. The acquisition was funded through the placing of 7.2 million shares announced in June which raised £1.0 million.
The deal ‘pivots Roquefort Therapeutics into a material oncology biotech company with a pre-clinical anti-cancer portfolio that is patent protected and fully funded to clinical trial submission’, Executive Chair Stephen West commented.
Following the completion of its acquisition, Ajan Reginald, formerly Oncogeni’s chief executive officer, was appointed Roquefort’s chief executive officer. Darrin Disley was appointed non-executive director, while Martin Evans was appointed executive director and chief scientific officer.
Evans, who was awarded the Nobel Prize in Medicine in 2007 for his work in stem cells and DNA research, founded Oncogeni in 2019.
Executive Chair Stephen West said: ‘In addition to the exciting portfolio, Roquefort Therapeutics now has a state-of-the-art laboratory and manufacturing facility which provides the group with major cost saving and time advantages as we progress through the pre-clinical stage of development. The acquisition also strengthens our board and senior management with complementary skills and expertise.’
Chief Executive Officer Ajan Reginald said: ‘The acquisition of Oncogeni by Roquefort Therapeutics creates a material cancer biotech company with a portfolio of four innovative pre-clinical programs, which provides stakeholders with great upside potential. We believe we can realise value for shareholders in a number of ways, including our internal drug development, licensing deals or via an outright sale of the clinical program.’
Shares in Roquefort were trading 6.5% higher at 7.99 pence each in London on Friday morning.
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