West Conshohocken-based Medicus Pharma is making major moves on the international biotech scene, writes John George for the Philadelphia Business Journal.
The company signed a letter of intent to acquire British company Antev Ltd. in a cash and stock deal worth up to $75 million.
Antev, headquartered in Weybridge, England, is developing Teverelix, a promising treatment for advanced prostate cancer and acute urinary retention tied to enlarged prostates. Medicus CEO Dr. Raza Bokhari called the acquisition part of the company’s strategy to build a portfolio of “relatively derisked” therapies that meet critical unmet needs.
“The company can no longer be viewed as a one-trick pony,” Bokhari said. “We will soon have the opportunity to take more than one shot at the goal, and we hope to succeed in all the shots we plan to take — deliberately and efficiently.”
The deal includes 2.6 million shares of Medicus stock, with potential milestone payments of up to $65 million. The transaction could close by June, pending final approvals and due diligence.
Launched in 2023, Medicus made waves as one of the few local life sciences companies to go public last year. It’s also behind SkinJect Inc., a Pittsburgh-based subsidiary developing a microneedle patch for skin cancer, currently undergoing FDA review.
Read more about Medicus Pharma’s plans for expansion into more revenue streams in the Philadelphia Business Journal.
