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Gardant agrees to acquisition by Switch Pharma
September 2006
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NEW YORK—In late August, Gardant Pharmaceuticals Inc. announced it signed an agreement to be acquired by Switch Pharma Ltd. The transaction was expected to close on Sept. 30, subject to req­uisite approvals.
 
Shares of Switch Pharma Ltd., which is currently in the pro­cess of going public in London, will be issued to acquire Gardant Pharmaceuticals. Pursuant to the agreement, the Switch Pharma Ltd. shares issued in the transaction must be trading for at least $1.38 per share when the shares of Switch Pharma Ltd. commence trading publicly in London. Shareholders of Gardant will receive one share of Switch Pharma for every Gardant share owned.
 
Switch Pharma is a company that is focused on the development and commercialization of propri­etary, innovative and differenti­ated therapeutic drug products, with a core strategy of focusing on finding different applications for known drugs. Utilizing this devel­opment focus, the company seeks to reduce the risk, time and cost of new product development as com­pared to the development of new chemical entities.
 
Switch reportedly found Gardant Pharmaceuticals attrac­tive as an acquisition target because of its risk-balanced port­folio and the fact that the major­ity of the portfolio now consists of oncology-focused compounds. The cancer connection is impor­tant, as Switch plans to focus on oncology applications and thera­peutics going forward. Of the eight re-purposed therapeutic products that Switch currently is seeking to develop, two are for the oncology marketplace.
 
Gardant Pharmaceuticals previ­ously announced the spin-off to its shareholders of record on July 31, 2006, of its shares of Genaderm Inc., Avantogen Oncology Inc. and Amilar Pharmaceuticals Inc. Those spin-offs will proceed as planned, subject to receipt of req­uisite approvals. Gardant previ­ously announced the spin-off of its shares of Accura Pharma PLC to shareholders of record as of April 21, 2006. Gardant has been advised that Accura Pharma PLC antici­pates that its common shares will commence trading in London dur­ing the week of Sept. 12, 2006.

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