The acquisition takes place two months after G1 Therapeutics' lung cancer drug Cosela failed in a phase III trial, where the drug was tested as a treatment against breast cancer. The negative news led to cutbacks and a stock market backlash for the company, which was also forced to reduce its workforce by 30 percent the year before after negative study results, writes Endpoints News.
Danish biotech to buy struggling American oncology company
Danish drugmaker Pharmacosmos has agreed to acquire American pharmaceutical company G1 Therapeutics in a deal that amounts to 405 million dollars.
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