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Clinigen completes acquisition of Proleukin US rights

Published: 17:57 02 Apr 2019 AEDT

doctor checking skin
Proleukin is used to treat certain types of skin and kidney cancers

Clinigen Group PLC (LON:CLIN) now owns the global rights to cancer drug Proleukin after its acquisition of the US rights was cleared by competition regulators across the pond.

The AIM-quoted firm bought the rest of world rights from Swiss giant Novartis last summer and struck a deal worth up to US$210mln to acquire the US rights earlier this year.

READ: Clinigen snaps up rights to Novartis cancer drug in US$210mln deal

The acquisition is expected to have a small positive impact on earnings this year, Clinigen said, although once it has fully transitioned, bosses hope it will boost earnings by at least 25% in its first full year.

“The completion of this earnings enhancing acquisition sees Proleukin immediately become the most valuable product in our Commercial Medicines portfolio, with significant potential for revitalisation,” said chief executive Shaun Chilton.

“Proleukin also presents opportunities to the wider group as a whole, as it provides a platform to expand our existing footprint in the US, the biggest global pharmaceutical market, and will enable us to exploit other opportunities across the business.”

Proleukin is indicated for certain types of skin and kidney cancers in the US, where it is currently being used in around 80 clinical trials across multiple disease areas.

The drug is now the largest product in Clinigen’s commercial medicines division, and further diversifies the division’s portfolio of niche hospital and critical care products, the company said.

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