SuperGen has completed a deal for UK-based biotechnology company Astex Therapeutics Limited.
The company has purchased all outstanding shares for approximately $25m, plus an additional $30m over a period of 30 months, and will now change its name to Astex Pharmaceuticals later this year.
James Manuso, Chairman and CEO of SuperGen, expects the newly-named company to be a “significant force in oncology drug discovery”.
Bosses estimate that Astex Pharmaceuticals has the potential to be a global leader in innovative oncology drug discovery, development and commercialisation with future revenues of up to $2bn and top-tier partnership with industry leaders.
The two companies already have a clinical pipeline which includes seven drugs in development and now plans to leverage its royalty revenue stream for Dacogen (decitabine).