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Paradigm Biopharmaceutical (ASX: PAR) has opened the purse strings to pick up Proteobioactives Pty Ltd, which has been working on Pentacoxib, an early-stage oral candidate for minor to mild osteoarthritis.
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The back-ended deal will cost Paradigm $16.5M in a move managing director Paul Rennie says is “very exciting” – especially as it complements ongoing plans.
“We won’t be changing our focus; we’re still focused on concluding phase three clinical trials with the injectable PPS, but longer term, we have this acquisition, which means we can develop the oral drug for osteoarthritis,” Mr Rennie explained.
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