ChemGenex Pharmaceuticals is demerging its metabolic diseases business, Autogen Research. The divested segment will be renamed Verva Pharmaceuticals and will merge with Adipogen Pharmaceuticals.
The merger with Adipogen Pharmaceuticals is expected to be completed by December 20. Adipogen Pharmaceuticals is an early-stage firm developing therapies for obesity.
Verva Pharmaceuticals will seek to list on the Australian Securities Exchange in the first quarter of next year. ChemGenex will receive one share in Verva Pharmaceuticals for every five it holds at the record date, which is December 12.
“Through this restructuring, ChemGenex is now well-positioned to devote its resources to the development and commercialization of the anticancer assets in late-stage development, while enabling Verva Pharmaceuticals to focus on the development of novel therapeutics in the field of type 2 diabetes and obesity,” states Greg Collier, Ph.D., CEO and managing director. The company’s lead product is currently in Phase II/III trials for the treatment of chronic myeloid leukemia.