PolyTherics Limited merged with Antitope Limited to build a bigger group with comprehensive array of technologies and services. This merger seeks to develop better pharmaceuticals, the companies' statement said.
For the venture, PolyTherics will issue new shares with a collective value of around GBP 13.5 million. The proceeds will be used to fund the merger, as well as give the bigger group a working capital.
UK-based PolyTherics offers technology solutions that allow better biopharmaceuticals development. It is has dedicated facilities in Cambridge, London and Coventry, UK. Meanwhile, Antitope is a provider of immunogenicity screening and antibody engineering services.
PolyTherics' Dr. John Burt will continue as the company's CEO. Antitope, which will be operating as Polytherics group's wholly-owned subsidiary, will still have Dr. Matthew Baker as its Chief Scientific Officer. Antitope will retain its management, base and operational setup at the Babraham Research Campus.
"The combination of PolyTherics and Antitope is a significant strategic step, immediately broadening our business and accelerating our growth," Dr. Burt said.
Speaking about the merger, Dr. Baker said the merger "will have critical mass in terms of technologies, skills and resources and will enable us to leverage the full potential of our antibody engineering and deimmunisation platforms."
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