Transgene Biotech in restructuring mode; eyes acquisitions
20 April 2011
Transgene Biotek, which last month raised around $23 million in a GDR placement on the Luxembourg stock exchange, is planning a major restructuring of its operations.
The company plans to utilise the proceeds for funding the development and expansion of its pipeline, construction of an FDA compliant facility for the manufacture of APIs as also growth through acquisitions.
"Transgene is also looking at inorganic growth as a way of boosting the company's revenues and capabilities and has shortlisted some companies for acquisition," the company said in release.
With income starting to flow from sale of its newly-developed immuno-suppressive drug Tacrolimus and neutraceutical Omega-3 fatty acid DHA, Transgene Biotech has decided to speed up the process of restructuring in order to provide an impetus to the rapidly advancing R&D pipeline and the burgeoning API division.
Transgene said it has started the process of constructing an additional FDA-compliant facility for the manufacture of the APIs - both existing and those to follow. Alternatively, the company is also planning to utilise third party facilities to complement its in-house production capabilities.
Transgene believes its R&D portfolio to have tremendous potential. It already has four molecules that have reached the final stage of preclinical development.