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Bids, Mergers and Takeovers

4D pharma acquires Tucana Health

10 February 2016 07:28

4D pharma - a pharmaceutical company focusing on the development of live biotherapeutics - has acquired Tucana Health.

It says recent advances have highlighted the importance of the microbiome, not only for the development of safe and efficacious novel therapeutics, such as those developed by 4D pharma currently undergoing patient trials, but also in predicting the effectiveness or response rates of current therapeutics in areas such as cancer.

Tucana, a start-up company from University College Cork, was founded by Prof Fergus Shanahan and Prof Paul O'Toole to investigate the use of microbiome signatures to aid the diagnosis and treatment of diseases, including those targeted by 4D pharma.

Following the acquisition, 4D pharma will continue to build on this research, investing in the platform and building further research capability based at the APC Microbiome Institute at UCC.

Initially, the focus will be on work on the diagnosis and patient stratification for Irritable Bowel Syndrome. Longer term the company will focus on building a diagnostic platform across multiple disease areas mirroring the programmes developed by MicroRx, 4D pharma's therapeutic platform. This work will be led by Prof Fergus Shanahan and Prof Paul O'Toole, the founders of Tucana.

The consideration will be satisfied by the issue of up to 1,410,603 4D pharma shares, with 410,603 shares to be issued upfront at a price of GBP7.55, being the average mid-market price of a 4D pharma share for the five business days immediately preceding completion of the acquisition. The remaining consideration shares will be issued subject to the achievement of milestones.

Story provided by StockMarketWire.com

Related Company: DDDD

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