Midatech Completes Acquisition Of Zuplenz From Galena Biopharma; Stock Up

(RTTNews) - Shares of Midatech Pharma Plc (MTPH.L) were gaining around 3 percent in the morning trading in London after the specialty pharmaceutical company focused on oncology announced Wednesday the successful completion of its previously announced acquisition of Zuplenz (ondansetron), a marketed oncology product from Galena Biopharma, Inc. (GALE).

Zuplenz is marketed in the US for the prevention of chemotherapy-induced nausea and vomiting, radiotherapy-induced nausea and vomiting, and post-operative nausea and vomiting. It has a target market of $4.6 billion by 2018.

As announced on December 18, Midatech expects the acquisition of Zuplenz will leverage its commercial infrastructure in the US, following the recent acquisition of DARA BioSciences, now known as Midatech Pharma US Inc.

Jim Phillips, CEO of Midatech Pharma, said, "We are pleased to complete the acquisition of Zuplenz, which adds to our rapidly growing portfolio of marketed oncology products. We believe that our recent product acquisitions will help drive the Group towards sustainable profitability."

In London, Midatech shares were gaining 3.11 percent to trade at 166 pence.