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Burrill & Company Advises Danisco A/S on Divestiture of Genencor Oncology ProgramNovember 09, 2005
San Francisco, CA - November 09, 2005
On November 4, 2005, Genencor, a subsidiary of Danisco A/S, divested its oncology-focused immunotoxin program to Cambridge Antibody Technology (London: CAT); (Nasdaq: CATG). Genencor's immunotoxin program consists of GCR-3888 and GCR-8015, both of which target hematological malignancies. GCR-3888 is currently in Phase II trials for hairy cell leukemia. GCR-8015, an optimized version of GCR-3888, is currently in pre-clinical development, with expected use in non-Hodgkins lymphoma and chronic lymphocytic leukemia.
CAT hired ten key former staff of Genencor who will continue to be responsible for the development of these programs, and has thereby established a CAT operation in the U.S. for the first time. This operation will be based in Palo Alto, California.
The consideration for the acquisition was $14 million. In addition, CAT may be required to pay Genencor additional consideration of up to $2 million, contingent upon the availability of bulk product material suitable for clinical trials, which would result in a total consideration of $16 million.
Burrill & Company's Merchant Banking Group served as an advisor to Danisco on this transaction. The Burrill & Company team included: Mark Blumling, Director; Mike Ullman, Managing Director; and James Watson, Managing Director.
About Burrill & Company
Burrill & Company is a San Francisco-based global leader in life sciences with principal activities in Venture Capital, Merchant Banking and Media. The company's over 50 person scientific and business team, supported by its Advisory Boards, the strategic and financial network of its limited partners, and the close relationships developed with numerous life science companies and managements, provide Burrill with unparalleled access and insight.