Pharming says it will proceed with acquisition of Dnage

By E. Janene Geiss

Philadelphia, Aug. 10 - Pharming Group NV said Thursday that it will proceed with the acquisition of Dnage BV based on a decision by the enterprise section of the Amsterdam Court of Appeal.

The enterprise section has rejected the appeal of the works council regarding the proposed acquisition of Dnage, according to a company news release.

The decision allows Pharming and Dnage to proceed with the acquisition, which will now be finalized as originally planned.

Pharming said it expects the legal agreements and other formalities to be completed soon.

On March 24, Pharming said it reached an agreement with Dnage to acquire all shares of the company.

During the acquisition process, the works council of Pharming, however, appealed the decision to acquire Dnage at the enterprise section, officials said.

Pharming said the acquisition provides the company with access to highly innovative products and a technology platform for new markets in the areas of aging and cancer.

The combination of technology owned and in-licensed by Dnage and Pharming's human protein products will provide Pharming with new opportunities in the area of tissue repair and regeneration, officials said.

Pharming also said the acquisition will trigger additional business development opportunities including new partnerships, grants and subsidies.

Dnage is a biopharmaceutical company founded in 2004 as a spinoff from the Department of Genetics of the Erasmus Medical Center in Rotterdam, The Netherlands.

Pharming, based in Leiden, The Netherlands, is a biopharmaceutical company focused on protein products.

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