Stratford biotech company Oncogeni has been bought out in a £5.5 million deal by listed firm Roquefort Therapeutics. Oncogeni was founded by Nobel Laureate Professor Sir Martin Evans and has developed two families of innovative cell and oncology medicines.
Roquefort Therapeutics is headquartered in London and is focused on developing drugs in the high-value and high-growth oncology sector.
As a result of the deal, it has also admitted an additional 57.2 million shares onto the London Stock Exchange's main market following a shares placing and fundraise worth £1 million.
The proceeds will be used to fund the Oncogeni pre-clinical drug development programs alongside working capital.
Roquefort Therapeutics' executive chairman Stephen West said: "We are extremely pleased to have completed the fundraise and the acquisition of Oncogeni, which pivots Roquefort Therapeutics into a material oncology biotech company with a pre-clinical anti-cancer portfolio that is patent protected and fully funded to clinical trial submission.
"In addition to the exciting portfolio, Roquefort Therapeutics now has a state-of-the-art laboratory and manufacturing facility which provides the group with major cost saving and time advantages as we progress through the pre-clinical stage of development.
"The acquisition also strengthens our board and senior management with complementary skills and expertise and I am very excited with the team we have in place to drive our programs forward and to realise value.
"We are optimistic of what the future holds for Roquefort Therapeutics and I look forward to updating the market on the company's progress."
