WEST CONSHOHOCKEN – Medicus Pharma Ltd. has agreed to acquire Antev Ltd., a British late clinical-stage drug development company.
The two companies recently entered into a binding letter of intent where Medicus will acquire all of the issued and outstanding shares of Antev on a share exchange basis, valued at up to $75 million.
The transaction is expected to close before the end of June 2025, subject to the completion of satisfactory due diligence by Medicus, negotiation of definitive agreements, obtaining applicable corporate, regulatory and other third-party approvals and the fulfillment of customary closing conditions, according to a press release.
Antev is developing Teverelix, a next generation GnRH antagonist, as first in market product for cardiovascular high-risk prostate cancer patients and patients with first acute urinary retention episodes due to enlarged prostate, according to a press release.
The transaction represents a “strategic depth” in Medicus’ drug development program, according to Dr. Raza Bokhari, executive chairman and CEO of Medicus. He said Teverelix is relatively “derisked and is well positioned to become first in class product.”
According to the letter of intent, Antev shareholders will receive 2.6 million shares of Medicus, representing an approximate 19% stake, plus the potential for approximately $65 million in additional contingent consideration tied to potential future FDA Phase 2 and New Drug Application approvals.
Headquartered in West Conshohocken, Montgomery County, Medicus Pharma Ltd. is a biotech/life sciences company focused on accelerating the clinical development programs of novel and disruptive therapeutics assets. The company identifies, acquires and advances relatively de-risked clinical stage assets through clinical development and commercialization, according to information on its website, looking for opportunities where an unmet need exists for “improved patient safety and efficacy.”
