Astex Therapeutics takeover by SuperGen completed

Astex Therapeutics has become a wholly-owned subsidiary of SuperGen following the completion of a takeover deal.

Pharmaceutical company SuperGen has purchased all outstanding shares in the UK-based biotechnology firm for around $25 million (15.3 million pounds), with SuperGen now set to change its name to Astex Pharmaceuticals in the third quarter of 2011.

By combining the two companies, it is expected that a major player in the oncology drug discovery and development sector has been created, with future milestone-based revenues forecasts of up to $2 billion.

It will be able to leverage royalty revenues from sales of the Cilag-marketed drug Dacogen and also has numerous top-tier partnerships in place with companies including Eisai, Novartis, AstraZeneca and GlaxoSmithKline.

Astex also extended its successful ten-year research partnership with the Cambridge Crystallographic Data Centre earlier this year.

James Manuso, chairman and chief executive officer of SuperGen, said: "SuperGen is extremely pleased to close the transaction to acquire Astex Therapeutics."