Pharmaxis Ltd. of Australia to Acquire Topigen Pharmaceuticals Inc.

Pharmaxis Ltd. of Sydney, Australia announced an agreement to acquire Montreal-based biopharmaceutical company Topigen Pharmaceuticals Inc. in a transaction that will enhance the Pharmaxis respiratory drug development portfolio and complement the existing products and drugs under development. Topigen has developed a number of therapeutic candidates for respiratory disorders based on its multi-targeted oligonucleotide technology. On closing of the transaction, Pharmaxis will issue 3.2 million shares with an additional 5.0 million shares to be issued subject to the achievement of certain preclinical and clinical milestones specified in the purchase agreement. Pharmaxis is a specialty pharmaceutical company involved in the research, development and commercialisation of new therapies for under-treated respiratory diseases.