Sygnis Pharma will join forces with X-Pol Biotech to secure sustainable business model.
The company believes that the changes are essential after the termination of clinical development activities in December 2011.
Sygnis' new business will focus on developing and commercializing X-Pol's DNA amplification technologies and products. It signed a global license agreement with Qiagen and authorized X-Pol technology platform.
A new core business will replace the company's activities in the capital intensive and drug development sector.
The Sygnis supervisory board chairman Dr. Cristina Garmendia said: "It is an honor to help shape this first merger between a German and a Spanish company in the biotechnology industry, and it is my ultimate goal to lead SYGNIS to success in the European and international markets."
Sygnis will acquire 100% ownership of X-Pol by way of a capital increase against contribution in kind. The former X-Pol shareholders will hold 77.5% of Sygnis shares.
As a part of the comprehensive strategic realignment, Sygnis supervisory and management boards were aligned with the new strategy and shareholder structure.
