The ValiRx Plc (LON: VAL) share price edged 5.6% higher after announcing that it had acquired the scientific assets of Imagen Therapeutics Limited from its appointed liquidators for a one-time cash payment of £170,000 paid to the liquidators upon signing the purchase agreement.
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The purchase price paid by Valirx represents a significant discount on the original value of the acquired assets. Imagen Therapeutics was a pharma services company offering a patient-derived screening platform suitable for large global clients.
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Valirx acquired an extensive biobank of patient-derived cells and a comprehensive range of laboratory equipment required for analysis and application, including several high-value items already in the financial plan for Inaphaea BioLabs Limited (Inaphaea).
The company also acquired intellectual property, including an existing patent covering specific methods of growing and testing patient-derived cell lines. The firm also acquired existing trademarks, logos, and trade names associated with Imagen.
Lastly, Valirx acquired data from Imagen's in-house screening programme, which studied the activity of non-oncology drugs against cancer cells. Imagen’s primary business was to personalise cancer treatment by collecting and using well-characterised, patient-derived cancer cells.
The company collected samples from patients for several years across numerous cancers, which allowed it to create a unique ‘biobank’ of human-derived cells before providing services to the pharmaceutical industry for the pre-clinical screening of drug candidates.
Valirx expects to transfer and integrate the biobank and relevant equipment into Inaphea in MediCity, Nottingham, over the next few months.
Dr Suzy Dilly, CEO of ValiRx, commented: “We are delighted to have completed the acquisition of the Imagen assets. In particular, the biobank of patient-derived cell lines is a valuable resource as it enables Inaphaea to offer screening of a wide range of oncology drug candidates against patient-derived cell lines. This is an important step towards our ambition to make our assays more closely aligned to a complex human system rather than rely on commercially available immortalised cell lines. This transaction gives us significant lab equipment at a substantial discount to our budgeted cost for these items had we purchased new, with the cell lines and other IP acquired at a modest additional cost.”
*This is not investment advice.
ValiRx share price.
The ValiRx share price edged 5.6% higher to trade at 9.61p, from Tuesday’s closing price of 9.10p.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.