LEIDEN, Netherlands, Dec 28, 2004 /PRNewswire via COMTEX/ -- Pharming Group N.V. ("Pharming" or "the Company") (Euronext: PHARM) (Amsterdam: PHAR.AS) (Pink Sheets: PHGUF) announced today that it will acquire ProBio International Holdings Pte Ltd. ("ProBio"). The acquisition of ProBio expands the commercial opportunities for Pharming with recombinant human lactoferrin and enhances Pharming's protein production technology platform.
Pharming already has a 45% shareholding in ProBio. Through the acquisition, Pharming will gain control of the intellectual property portfolio of ProBio and rights to the non-pharmaceutical applications of recombinant human lactoferrin. In addition, the Company will benefit from the relationships of ProBio with pan-Asian entities, including the Singapore, Australia and New Zealand governments.
"Pharming will regain Asian rights for recombinant human lactoferrin, strengthen its intellectual property portfolio, and forge valuable government partnerships through this acquisition," said Dr. Francis Pinto, CEO of Pharming.
Pharming is developing recombinant human lactoferrin as a nutraceutical while pursuing applications of the product for the pharmaceutical market. Pharming has demonstrated that recombinant human lactoferrin is safe, effective and comparable to the natural human lactoferrin. Pharming plans to file for Generally Regarded as Safe (GRAS) status for recombinant human lactoferrin and commercialize the product for nutritional applications.
The total consideration for the acquisition will be paid entirely in shares and accounts for approximately 1.5% of the capitalisation of the Company. The detailed financial terms of the acquisition of ProBio have not been disclosed.
Background on Pharming Group N.V.
Pharming Group N.V. is developing innovative protein therapeutics for unmet medical needs. The Company's products include potential treatments for genetic disorders, specialty products for surgical indications, and intermediates for various applications. Pharming's lead product for hereditary angioedema is in Phase III of clinical development. The advanced technologies of the Company include novel platforms for the production of protein therapeutics, as well as technology and processes for the purification and formulation of these products. Additional information is available on the Pharming website, http://www.pharming.com
This press release contains forward-looking statements that involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from the results, performance or achievements expressed or implied by these forward looking statements.