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EUSA Pharma to acquire Cytogen

European based EUSA Pharma announced on March 11 that it has entered into an agreement to buy the remaining shares of Cytogen Corporation for $22.6m.

European based EUSA Pharma announced on March 11 that it has entered into an agreement to buy the remaining shares of Cytogen Corporation for $22.6m.

Cytogen, located in the US, made a net loss last year of $25.7m and the acquisition by EUSA Pharma will see shareholders receive $0.62 per share, with the company currently holding a value of $22.6m.

In a move that will expand the company's transatlantic infrastructure, EUSA, which was founded in the UK, will be able to use this strategic growth platform to exploit additional products and operate alongside major industry competitors.

Rolf Stahel, chairman of EUSA, said: "This transaction will transform our business, putting in place a truly transatlantic growth platform, and positioning the company as the partner of choice for future acquisitions and speciality product in-licensing."

EUSA specialises in the fields of critical care and oncology and currently has 6 products on the EU market, some of which can be used for the treatment of lymphoblastic leukaemia.

In addition to a dedicated US sales force and commercial framework, Cytogen currently has three oncology and pain control products on the American Market.

Bryan Morton, CEO of EUSA, said: "Cytogen's products and US infrastructure are the ideal complement to our business, offering us the opportunity to commercialise a rapidly growing portfolio of medicines on both sides of the Atlantic."

11th March 2008

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