Sun Biomedical (ASX:SBN) is proceeding with the acquisition of platform drug discovery and clinical stage biotechnology company Dimerix Bioscience after satisfying all conditions precedent.
The transaction is now unconditional and should be completed by the close of business on 3rd July 2015.
Dimerix is currently recruiting in to Phase 2 clinical study for its lead therapeutic product DMX200 that is targeted at patients with chronic kidney disease (CKD).
CKD affects over 26 million people in the U.S. alone. The market in exceeds $11 billion in sales per annum and continues to grow.
Dimerix’s initial strategy is to pursue an orphan indication, Nephrotic Syndrome, and subsequently partner the development of programs in larger disease indications.
It is engaged in research collaborations with top pharmaceutical companies using its proprietary GPCR (G protein coupled receptors) drug discovery platform.
Sun is acquiring Dimerix for:
- 750 million shares;
- 30.85 million management options exercisable at A$0.02 on or before 30th June 2017; and
- 225 million performance shares in three tranches that are convertible into shares on meeting certain milestones.
The company has also received firm commitments for a $1.6 million capital raise via the placement of 160 million shares at an issue price of A$0.01 per share to sophisticated investor clients of Forrest Capital.
