DelMar Pharmaceuticals, Inc. has entered into a definitive merger agreement to acquire Adgero Biopharmaceuticals, a privately held biopharmaceutical company developing its late stage photodynamic therapy platform for the treatment of serious cutaneous oncology indications.  

Upon completion of the merger, current DelMar and Adgero stockholders will own 50.5% and 49.5% of the combined company, respectively. Subject to closing conditions, the transaction is expected to close in 3Q20, at which time DelMar is expected to change its name to Kintara Therapeutics, Inc.

The merger combines DelMar’s DNA-targeting chemotherapeutic with proven anti-cancer activities with Adgero’s photodynamic therapy platform. The combined company expects to benefit from complementary capabilities along with greater financial resources and flexibility to engage in a wide range of research and development activities.

“The acquisition of Adgero by DelMar positions the combined company for long-term corporate growth and increased shareholder value by bringing together DelMar’s oncology therapeutic candidate, VAL-083, and Adgero’s REM-001 photodynamic therapy with a lead indication in CMBC,” commented Saiid Zarrabian, President and Chief Executive Officer of DelMar. “This acquisition is the result of an extensive search for a suitable oncology therapy and provides the combined company with a diversified, late-stage oncology pipeline. During the next 12-18 months, we expect to achieve significant clinical milestones, driven by a seasoned leadership team that will bolster our oncology drug development expertise.”

John Liatos, interim Chief Executive Officer and Chief Financial Officer of Adgero, added, “This combination provides us with the opportunity to not only deepen our pipeline but also strengthen our oncology drug development expertise and capabilities. Furthermore, our enthusiasm to merge with DelMar was reinforced by the Global Coalition for Adaptive Research’s (GCAR) invitation to include VAL-083 in its GBM AGILE pivotal study for the treatment of newly-diagnosed and recurrent GBM. On our end, we are tremendously proud of the progress we have accomplished to date, and through this combination we look forward to creating a highly focused oncology company that can develop new therapies to help physicians and patients combat cancers where current treatment options are limited.”