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Pharmexa and Affitech to Combine Operations to Create a New Antibody Therapeutics Company
Date:3/4/2009

sector.

Announcing the merger, Dr. Achim Kaufhold, CEO of Pharmexa said: "Pharmexa has experienced product setbacks over the last year which have led us to consider a variety of strategic options to revitalise the business and to generate future value for our shareholders. The acquisition of Affitech builds on the expertise and capabilities of Pharmexa, but is also a transformational event that moves us into the exciting field of antibody therapeutics, one of the most attractive sectors of the biopharmaceutical industry.

Following several high value mergers and acquisitions in the antibody discovery field, Affitech remains one of only a limited number of independent companies with a strong position in high throughput screening of antibody libraries. Meanwhile, there is an increasing demand for antibody therapeutics as pipeline products from major pharma companies. This transaction will create a technology innovator and product developer that is expected to be able to meet this demand for new antibody therapeutics at all levels-from discovery through to clinical stage products. The acquisition of Affitech is intended to be the first step in creating a leading new Company in the antibody field with the potential for sustained growth in shareholder value".

Dr. Martin Welschof, CEO of Affitech, also commented: "Affitech has developed a fully integrated antibody discovery platform consisting of human antibody libraries with high functionality, based on phagemid display technology plus several screening technologies with high degree of versatility. Through partnerships with both pharma and biotech businesses, we have demonstrated that this platform is highly productive in identifying competitive new antibody drugs. As a direct result of the merger, Affitech will have the capability for the first time to develop its own antibody products through human clinical trials."

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SOURCE Affitech AS
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