(MENAFN- ProactiveInvestors)
( NASDAQ:PBMD) has completed the US$25 million (A$30.4 million) acquisition of French biopharmaceutical company Immutep increasing its presence in the growing immuno-oncology industry.
As part of the acquisition Immutep founder Professor Frédéric Triebel has jointed the company as its new chief scientific officer and chief medical officer.
Immutep currently generates modest revenues from commercial sales of LAG-3 research reagents. It also has potential revenue streams through milestone payments and licensing agreements.
It also diversifies the product pipeline and provides partnerships with licensing agreements.
The consideration consists of an upfront cash payment of US$10.8 million with the remaining cash component of US$7.2 million partly payable on the achievement of a predetermined milestone and partly payable after 12 months.
It has also issued US$3 million worth of Prima shares priced at A$0.04016 each and 200 million warrants. Shares in Prima are currently trading at A$0.04.
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