Fermiscan and Polartechnics to merge
Monday, 20 April, 2009
Two of Sydney’s most mature biotechs have proposed a merger to form a combined diagnostics company dedicated to women’s health.
Fermiscan is developing a non-invasive test based on the unusual x-ray diffraction patterns found in the hair of women with breast cancer. The company recently announced it would use the Australian Synchrotron in Melbourne for its test.
Polartechnics has a range of screening devices for sexually transmitted diseases, particularly for human papillomavirus, which causes 70 per cent of cases of cervical cancer.
Polartechnics has products on the market, while Fermiscan is in late-stage trials for its diagnostic. It also owns the Sydney Breast Clinic.
The two companies said they were highly complementary, and a merger would make the combined entity the country’s largest women’s health diagnostic business.
Polartechnics’ CEO Ben Dillon and Fermiscan managing director David Young will share roles as executive directors of the new company.
The chairman will be Polartechnics’ Robert Hunter, while Fermiscan’s chair Gary Garton will be deputy chairman.
Under the deal, Polartechnics will make an off-market takeover offer for all ordinary shares in Fermiscan.
Fermiscan’s directors will unanimously recommend that shareholders accept the offer.
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