Neose Technologies Inc. reached agreements Thursday to sell its assets to two foreign drug company collaboration partners for about $43 million.
The struggling Horsham, Pa., biopharmaceutical company stock was trading at 23 cents a share when the deals with Novo Nordisk of Denmark and BioGenerix of Germany were signed.
The asset sales are the initial step in a contemplated liquidation of Neose.
Neose (NASDAQ:NTEC), which specializies in using its enzyme pegylation technology to remodel molecules and develop next-generation therapeutic proteins, has been working with BioGenerix on a treatment for chemotherapy-induced neutropenia (which causes a drop in infection-fighting white blood cells), and with Novo Nordisk on an improved hemostasis compound to inhibit bleeding.
Under the terms of the deal, Neose is retaining certain intellectual property rights, including those related to producing glycolipids, for “future disposition.”
The struggling Horsham, Pa., biopharmaceutical company stock was trading at 23 cents a share when the deals with Novo Nordisk of Denmark and BioGenerix of Germany were signed.
The asset sales are the initial step in a contemplated liquidation of Neose.
Neose (NASDAQ:NTEC), which specializies in using its enzyme pegylation technology to remodel molecules and develop next-generation therapeutic proteins, has been working with BioGenerix on a treatment for chemotherapy-induced neutropenia (which causes a drop in infection-fighting white blood cells), and with Novo Nordisk on an improved hemostasis compound to inhibit bleeding.
Under the terms of the deal, Neose is retaining certain intellectual property rights, including those related to producing glycolipids, for “future disposition.”
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