Oryzon Genomics, a biotech company specialising in new biomarkers and therapeutic targets in oncology and neurodegenerative diseases, –with headquarters at the Barcelona Science Park (PCB)– has bought Crystax Pharmaceuticals , a company also located at PCB that is dedicated to developing new therapeutic molecules for cancer. This acquisition will be carried out by means of a capital extension in Oryzon underwritten by Crystax shareholders, who will be using their shares and in so doing will also acquire 5.7/ of the capital of the purchasing biotech company.

This operation guarantees the employment of the entire R&D staff members at Crystax and consolidates the new resulting company – values at an estimated 55 million Euros– as one of the strongest groups in the development of new drugs in oncology and neurodegenerative diseases in Spain, with a staff of 80 researchers.

This merger represents a step forward in the programme that both companies started in July of last year to develop new molecules with high pharmacological activity in certain types of cancer and effective in some of the new pharmacological targets for neurodegenerative diseases developed by Oryzon. The merger counts with the support from the Catalan Institute of Finances, an entity that has granted a 3.3 million Euro loan to advance in the development of anticancer drugs. Initially it was agreed to make a strong investment over a 24 month period in order to refine such molecules. However, the initial synergies have been boosted, and in view of the success of Crystax’s oncological programme, the Oryzon Board of Directors has decided to present a friendly merger offer for the acquisition of Crystax.

According to the chairman of Oryzon Board of Directors, Carlos Buesa, “we are very excited about this merger and the synergies obtained from managing a very complementary ‘pipeline’ that focuses on the same indications. Through this merger, Oryzon increases its bid to have several molecules of their own design in clinical phase before 2012, as 6 projects with small molecules will be run alongside with the participation of 17 chemists and all our biological potential”.

On their part, the chairman of Crystax Board of Directors, Christian Fernández, has stated “we are convinced that Oryzon is the best bet for the mutual development of both companies. The evident synergies between teams and technologies and the good harmony that has transpired from carrying out projects jointly have clearly led us to believe that this was the option to go for. It is clear that the biotechnological industry in Spain must strive to focus their efforts to tackle projects at the international arena. ”