Tekmira Pharmaceuticals (TSX:TKM) has bought privately owned Protiva Biotherapeutics in a new agreement aimed at ending the dispute between the companies over the rights to their drug delivery technology.
The companies' boards of directors unanimously approved the transaction, ending all litigation over a drug delivery system for RNA therapies developed by Inex Pharmaceuticals Corp., their former corporate parent.
The technology allows genes to be targeted and switched off to control viruses and introduce therapies to treat cancer and other diseases.
Both companies are headquartered in Burnaby and develop cancer treating therapies and drug delivery systems.
Alnylam Pharmaceuticals (NASDAQ:ALNY), a U.S.-based drug developer, and the Roche Venture Fund (SWX:RO), a Swiss health-care investor, said they will each invest $5 million in the newly formed company, which will keep the Tekmira name and is expected to have more than $35 million in cash and equivalents at startup.
Tekmira's share price range during the past week: between $0.76 and $0.87; 52-week high: $1.99; 52-week low: $0.65.