Nearly a year after North American Scientific (NASI) said it would purchase radiopharmaceutical developer Theseus Imaging, NASI announced plans to complete the deal by the end of October.
The terms have been renegotiated from the original agreement, which called for royalties based on future product sales, as well as 200,000 NASI shares. Under the final terms, Theseus shareholders will receive up to 350,000 shares of NASI’s common stock in exchange for 100% of Theseus common stock. Theseus shareholders will no longer receive future royalties, according to Chatsworth, CA-based NASI.
The transaction will be accounted for as a purchase. In addition to payment in the form of shares of NASI common stock, NASI will assume all obligations of Cambridge, MA-based Theseus, including approximately $7.5 million NASI previously advanced to the firm to cover clinical trial costs and other product-development expenses. As a result of the acquisition, NASI expects to record a one-time charge of $10 million to $12 million for in-process R&D in its fiscal fourth quarter.
Theseus’ lead product, Apomate, is a kit for the preparation of technetium Tc-99m recombinant human annexin V. Annexin V is a naturally occurring human protein that has been shown to bind to cells undergoing apoptosis, a fundamental process of programmed cell death central to many biological events, according to NASI.
Apomate will provide a noninvasive approach for assessing patient response to anti-cancer treatments, tissue damage from acute myocardial infarction, and host rejection of organ transplants. The product is currently in clinical trials in the U.S. and Europe, and is expected to be introduced in 2002.
By AuntMinnie.com staff writersSeptember 25, 2000
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