ValiRx company acquires Finnish biomarkers business
ValiFinn, a subsidiary of ValiRx, has acquired the Biomarkers business unit of Oulu, Finland-based Pharmatest Services, together with five groups of patents and patent applications and related intellectual property. The consideration is a payment of EUR 75,000 and the allotment of 15 million ValiRx shares. There is also an obligation to pay a royalty to Pharmatest from future revenues relating to the IP and for the life of the patents.
The Biomarkers business unit, which comes with a revenue stream that is derived from the provision of contract research services to pharmaceutical companies who are using its library of biomarkers, will form a new division at ValiFinn. Strategically, the acquisition will enhance the the company's R&D capability, as the specialist biomarker expertise within the unit is used to advance in-house the development of companion biomarker diagnostics to complement ValiRx' therapeutics, existing IP and companion diagnostic activities.