By Ben Glickman
Pharmaxis will sell its mannitol respiratory business as part of a broader restructuring and pivot to focusing on treating blood-related cancers.
The Australian company said it would sell its mannitol respiratory business unit, which makes drugs Aridol and Bronchitol, to Arna Pharma. Pharmaxis will receive royalties from the business unit for eight years and will reduce costs for the company by 60%.
The transfer of the mannitol respiratory unit will result in a headcount reduction to 25 from 70, the company said.
Pharmaxis will rename itself as Syntara, a clinical stage drug company with lead candidate PXS-5505. The treatment has reported Phase 2 trial results in the treatment of myelofibrosis patients.
The company said its restructuring would include a reduction in the board size, with Chair Malcolm McComas and non-executive director Neil Graham retiring. Current director Kathleen Metters will become chair.
Write to Ben Glickman at [email protected]
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