Bionomics Limited
(ASX:BNO) has bought a US-based private biotechnology company called Eclipse Therapeutics Inc for $US10 million.
The drug development company says the acquisition will provide it with world class cancer stem cell technology and antibody drug candidates.
The purchase is a scrip-based deal which will see Eclipse shareholders emerge with about a 6.5 per cent stake in Bionomics.
Chairman Chris Fullerton says purchasing Eclipse Therapeutics will enable Bionomics to establish a meaningful and prospective presence in the US.
Bionomics reported a $3.1 million net loss in the 2012 financial year.
