BOTHELL – Sonus Pharmaceuticals is acquiring a French drug discovery firm in a $30 million stock deal that expands the company’s portfolio of potential cancer-fighting treatments.
Michael Martino, Sonus president and chief executive officer, said the deal to buy Synt:em, a privately held firm in Nimes, France, was the right opportunity at the right time.
“We have actively been seeking ways to diversify Sonus into a multi-product company through both internal research and development, and external licensing and acquisition,” Martino said.
Synt:em has worked with developing peptides, special proteins that can improve the way a drug targets the organ it is meant to treat. Martino said the company has early-stage drug candidates that could help treat cancers of the brain and lungs, as well as other solid tumors.
Additionally, the French firm also has three possible pain treatments that could be ready for clinical development in the next two years.
When the acquisition closes early in 2005, Sonus will issue about $10 million of its stock to Synt:em’s private shareholders. Up to $20 million more of Sonus stock could be issued to the shareholders if some of its drug candidates reach the clinical testing stage.
News of the acquisition, the first in the 13-year history of Bothell-based Sonus, came after its stock price rose 24 cents Wednesday to $2.89 a share, a 9 percent gain.
After the markets closed, the company announced a net loss of $3.6 million, or 17 cents a share, during the third quarter. That compares with a $2.5 million loss during the same period in 2003.
Martino added that Sonus is talking to the U.S. Food and Drug Administration about starting phase 3 tests on Tocosol paclitaxel, a chemotherapy drug that represents the company’s most advanced product, by the middle of 2005. But plans to apply for formal regulatory approval of Tocosol probably will be delayed until 2006, he said.
Reporter Eric Fetters: 425-339-3453 or fetters@heraldnet.com.
Talk to us
> Give us your news tips.
> Send us a letter to the editor.
> More Herald contact information.
