Pharmacosmos A/S and G1 Therapeutics Finalize Strategic Acquisition
- This Transaction Will Enhance Access to COSELA (trilaciclib), the First and Only Proactive Multilineage Myeloprotection Agent -
- G1 Stockholders Will Receive U.S. $7.15 Per Share in Cash -
Pharmacosmos A/S, a leader in innovative treatments for iron deficiency, has taken a significant step in its growth strategy by acquiring G1 Therapeutics, Inc. This oncology company focuses on developing therapies that significantly enhance the quality of life for cancer patients. The tender offer price for G1 Therapeutics stock was set at U.S. $7.15 per share, bringing the total value of the transaction to approximately $405 million.
Pharmacosmos A/S's CEO and President, Tobias S Christensen, shared his excitement about the acquisition, noting it aligns perfectly with the company’s vision to broaden its product lineup. With COSELA, the first-of-its-kind treatment for patients dealing with small cell lung cancer, Pharmacosmos aims to widen its reach, especially in the U.S. market where COSELA is already approved, as well as pursuing international registrations in the UK and EU.
Acquisition Process Timeline
The tender offer started on August 20, 2024, and was set to expire on September 17, 2024. By the end of the tender offer, 39,486,447 shares of G1 Therapeutics common stock had been tendered, representing roughly 74.64% of all outstanding shares. This met the minimum conditions outlined in the offer. After the tender offer closed, Genesis Merger Sub, Inc., a wholly-owned subsidiary of Pharmacosmos, accepted all validly tendered shares for payment.
The outcome of this tender offer led to G1 Therapeutics merging with Pharmacosmos, resulting in G1 Therapeutics becoming a wholly-owned subsidiary of Pharmacosmos Therapeutics Inc. In this process, shares that weren't tendered were converted to cash at the offer price, marking a key transition as G1 Therapeutics stock is no longer traded on NASDAQ.
The Future of COSELA and Support for Cancer Patients
Jack Bailey, the CEO of G1 Therapeutics, reflected on the growth that led to this acquisition since G1’s founding in 2008. This journey culminated in the creation of COSELA, the first treatment designed to proactively provide multilineage myeloprotection for patients undergoing chemotherapy for extensive-stage small cell lung cancer. The completion of this transaction opens up new opportunities for both companies to work together and expand the availability of COSELA, addressing the needs of more cancer patients.
Advisors Involved in the Acquisition
In this strategic acquisition, Pharmacosmos retained MTS Health Partners, L.P. as their exclusive financial advisor while receiving legal counsel from Arnold & Porter Kaye Scholer LLP. On the other side, G1 Therapeutics enlisted Centerview Partners LLC for financial advice and benefited from legal support from Ropes & Gray LLP and Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
COSELA's Importance and Safety Information
COSELA (trilaciclib) is a vital treatment that helps reduce the risk of chemotherapy-induced myelosuppression in adult patients receiving certain chemotherapy regimens. It's crucial for patients to understand that COSELA is contraindicated for anyone with serious hypersensitivity reactions to trilaciclib. Patients should also take note of potential warnings related to COSELA, including injection-site reactions and acute hypersensitivity reactions. Common side effects observed include fatigue, hypocalcemia, and pneumonia.
About Pharmacosmos A/S and G1 Therapeutics
Founded in 1965 and headquartered in Holbaek, Denmark, Pharmacosmos specializes in carbohydrate chemistry and is recognized as a pioneer in developing treatments for iron deficiency and related anemia. The company has grown its presence across several markets, emphasizing a strong commitment to research and development.
G1 Therapeutics, based in Research Triangle Park, N.C., is dedicated to creating innovative therapeutic options for cancer treatment. Their flagship product, COSELA, exemplifies their commitment to supporting individuals impacted by cancer. As these two companies combine their efforts, they aim to enhance access to cancer care and improve patient outcomes.
For inquiries regarding Pharmacosmos A/S, please contact:
Christian Lundquist Madsen
VP Global Marketing & Communication
+45 5948 5959
clm@pharmacosmos.com
For G1 Therapeutics, reach out to:
Will Roberts
Communications Officer
Vice President, Investor Relations and Corporate Communications
(919) 907-1944
wroberts@g1therapeutics.com
Frequently Asked Questions
What is the primary benefit of the Pharmacosmos acquisition of G1 Therapeutics?
The acquisition aims to improve patient access to COSELA, which is vital for treating small cell lung cancer, thereby enhancing outcomes for cancer patients.
How does COSELA work?
COSELA proactively reduces the risk of chemotherapy-induced myelosuppression, providing essential support for patients during their chemotherapy treatment.
What are the most common side effects associated with COSELA?
Common side effects include fatigue, hypocalcemia, and pneumonia, emphasizing the importance of careful monitoring for patients receiving treatment.
When did the acquisition take place?
The acquisition was finalized after the tender offer expired on September 17, 2024.
Who were the advisors involved in the acquisition?
The acquisition process involved financial and legal advisors including MTS Health Partners, Centerview Partners, Arnold & Porter Kaye Scholer LLP, and others providing assistance to both companies during the merger.