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Abraxis acquires Shimoda, Platco for $15 million
LOS ANGELES—Biotechnology company Abraxis BioScience Inc. has acquired Shimoda Biotech Pty. Ltd. and its subsidiary, Platco Technologies Pty. Ltd., for $15 million.
Located in Plettenberg Bay, South Africa, Shimoda Biotech focuses on the development of new pharmaceutical products by combining successful off-patent molecules with a novel cyclodextrin drug delivery platform, seeking to exploit the faster onset and improved bioavailability characteristics of that platform.
Platco Technologies focuses on the development of novel platinum-based anti-cancer drugs.
Dr. Patrick Soon-Shiong, chairman and CEO of Abraxis, says the companies are valuable acquisitions because they offer a revenue stream from Shimoda's Dyloject, a product pipeline based on a novel cyclodextrin delivery platform and non-steroidal anti-inflammatory drug, as well as access to promising next-generation platinum-based compounds.
"These compounds can expand Abraxis' growing oncology franchise and target global markets in excess of $2 billion," says Dr. Soon-Shiong.