Medicus Pharma (NASDAQ:MDCX) reported that it has completed its previously announced acquisition of Antev Limited, a UK-based clinical-stage drug development company.
Medicus said it has acquired 98.6% of the issued and outstanding shares of Antev for total consideration of about US$2.97 million in cash plus 1,603,164 common shares of Medicus.
"We are delighted to complete the acquisition of Antev, which not only adds strategic depth to our drug development pipeline but also strengthens our team, both at the board and management level," Medicus Pharma CEO Raza Bokhari said in a statement.
"We believe, Teverelix, a next generation GnRH antagonist, is well positioned to become a first in class product to prevent acute urinary retention relapse due to enlarged prostate, and to treat advanced prostate cancer in patients with high cardiovascular risk profile, collectively representing approximately US$6 billion in potential market opportunity."
Medicus Pharma noted that Antev is a clinical stage biotech company, developing Teverelix, a next generation GnRH antagonist, as a first in market product for cardiovascular high-risk prostate cancer patients and patients with first acute urinary retention (AURr) episodes due to enlarged prostate.
The company added that Antev's former shareholders will be entitled to receive up to approximately US$65 million in additional contingent consideration tied to potential future FDA Phase 2 and New Drug Application approvals.
As well, Medicus Pharma announced that Patrick Mahaffy, the former chairperson of Antev, was unanimously appointed to Medicus's board of directors.
Shares of Medicus Pharma added more than 6% on the update to trade hands at about $2 on Tuesday morning.