Stratford-upon-Avon cancer treatment developer acquired

Biotech company Roquefort Therapeutics is set to acquire Oncogeni, a UK biotech company developing novel patented cancer medicines.

Stratford-Upon-Avon based Oncogeni develops novel cell and RNA based cancer medicines, which the board of Roquefort Therapeutics believes is complementary to the company’s existing pre-clinical drug development business.

Roquefort has raised £1m in a share placing to finance Oncogeni’s pre-clinical drug development programs and provide more working capital.

The share placing, at 14p, values Oncogeni at £7m. Roquefort’s payment for the company is 50m shares.
 
The directors of Roquefort Therapeutics says the acquisition represents a “transformational, value enhancing transaction for shareholders”, which is aligned with the company’s growth strategy of focusing on early-stage biotech opportunities.
 
Stephen West, executive chairman of Roquefort Therapeutics said: “The expanded portfolio transforms Roquefort Therapeutics into a multi-indication company with greater upside potential and improved drug development risk mitigation.  
 
“We are impressed with the quality and therapeutic potential of Oncogeni’s MK cell therapy and novel siRNA programs which complement our existing Midkine programs very well.

“In addition to acquiring the drug programs from Oncogeni we welcome a highly experienced management team with a track record of drug development and value creation in biotech to the Company, as well as a state-of-the-art laboratory in the UK”.

Following completion of the acquisition, Ajan Reginald will become chief executive of the enlarged group.

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