Inflazyme to acquire GlycoDesign in all-stock deal

Vancouver’s Inflazyme Pharmceuticals Ltd has acquired GlycoDesign Inc of Toronto in an all-stock transaction valued at $12.8 million. The acquisition (subject to shareholder and regulatory approval) is the latest example of an accelerating trend towards consolidation that is sweeping the biotechnology sector as financing remains scarce. Inflazyme will broaden its portfolio of anti-inflammatory therapies with the addition of GlycoDesign’s CORE2 inhibitors to its own three leukocyte selective anti-inflammatory. The deal nearly doubles Inflazyme’s cash and short-term investments position to $40.8 million, giving it the flexibility to extend its cash through to the end of 2005. Operations will be consolidated in Vancouver....