Apollo acquisition boosts NZ biotech Symansis

Jun 24 2008

New Zealand biotech Symansis has purchased Australian company Apollo Cytokine Research for A$500,000 (NZ$627,000) to build on its unique cell signaling science and fast track expansion into new international markets.

Apollo Cytokine Research develops, manufactures and sells the world's largest commercial range of human cell-expressed glycoproteins for use in drug research, while Symansis produces antibodies that target molecules in growth factor, cytokine and stress signaling pathways.

Apollo developed its cache of 120 human-derived (hcx™) glycoproteins in response to a global demand for therapeutic and research proteins that have more human characteristics than those expressed by bacteria, insect or rodent cells.

Symansis CEO Dr Peter Foster said the acquisition was a strategic move to expand its product offerings and advance both the company's research program and business plans for growth.

"It allows Symansis to increase its competitive advantage by using superior proteins in its cell signaling research and creates new market opportunities for the company's antibodies and antibody/protein arrays by leveraging Apollo's international distribution and sales networks," said Dr Foster.

The area of cell signaling research is the largest and fastest growing in drug research - it has been estimated that approximately 30 per cent of all drug research is conducted in this area.

Dr Foster said the worldwide market for antibody/protein arrays is around US$500 million (NZ$660 million) a year with a compounding annual growth rate of more than 30 per cent.

"The Apollo purchase boosts Symansis' capacity to deliver a comprehensive range of antibodies to cover all major cell signaling pathways, while providing the added benefit of allowing the company to expand its sales network through Apollo's existing distribution agreements in North America, Europe and Asia," said Dr Foster.