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Australia’s Progen, Avexa Agree To Merge, But Shareholders Object

This article was originally published in PharmAsia News

Executive Summary

Australian drug makers Progen Pharmaceutical and Avexa have agreed to merge, but some shareholders have stated displeasure with the proposal. Progren has a lot of cash while its liver cancer drug has been struggling in development. Avexa, a biotech, has expertise in oncology and infectious diseases. Avexa also has an HIV antiretroviral, apricitabine, that needs funding to get it into Phase III trials. But shareholders complain the merger would reduce the value of shares of each company. (Click here for more
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