SuperGen, Astex Therapeutics to merge, form oncology company
DUBLIN, Calif.óSuperGen Inc. and Astex Therapeutics Ltd. have entered into a definitive agreement to merge their companies, subject to customary closing conditions, including regulatory and shareholder approvals. The new company will be named Astex Pharmaceuticals Inc., and will be focused on innovative oncology drug discovery, development and commercialization. James S.J. Manuso, chairman, president and CEO of SuperGen, will become chairman and CEO of the new company, and Harren Jhoti, CEO of Astex, will become president of the new company, as well as a member of its board of directors. SuperGen will purchase Astex, paying shareholders $25 million in cash, in addition to shares of SuperGen common stock. SuperGen will also pay deferred consideration of $30 million in either stock or cash over 30 months. The transaction is expected to close in July.