WASHINGTON (dpa-AFX) - Apricus Biosciences, Inc. (APRI) said Friday that it has agreed to buy Topotarget USA, Inc., a subsidiary of Topotarget A/S.
Topotarget USA owns Totect, the only drug approved by the FDA to treat a potentially serious complication of cancer therapy--the leakage of chemotherapy drugs from veins into surrounding tissues. The complication is known as anthracycline extravasation, and can lead to infections and tissue death.
With this acquisition, Apricus Bio will move into the commercialization and sales of oncology and oncology supportive care pharmaceuticals.
To acquire Topotarget USA and its drug, Totect, Apricus Bio has agreed to purchase 100% of the outstanding common stock of that company in exchange for Apricus Bio common stock worth about $2 million in upfront payments and up to about $2 million more in Apricus common stock if certain milestones are achieved.
The deal is expected to close by December 31.
'This is an important step for the company's drug commercialization process.' said Dr. Bassam Damaj, Chairman, President and CEO of Apricus Bio. 'In addition to commercializing products that incorporate our NexACT technology such as Vitaros) Femprox, MycoVa among others, we have also been looking for specific acquisitions that fit into our core focus of adding to our product portfolio, approved, revenue generating drugs. We are pleased to complete the first in what we believe will be a series of acquisitions taking us further into product commercialization and revenue generation, not only in the U.S. but also abroad.'
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