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UPDATE 1-Proximagen plans to buy Cambridge Biotechnology

Thu Oct 22, 2009 2:38am EDT

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* Marks beginning of announced acquisition strategy

* Did one of biotech's biggest fundraisings to make buys

* Acquisition for a percentage of future revenues (Adds details)

LONDON, Oct 22 (Reuters) - British brain disease specialist Proximagen (PRXN.L) said on Thursday it plans to buy Cambridge Biotechnology from Sweden's Biovitrum (BVT.ST), marking the first stage of its acquisition strategy.

Proximagen said in June it raised 50 million pounds ($82.71 million) in one of the biotechnology sector's biggest fundraisings in the past 10 years in order to make acquisitions in the central nervous system area, treating conditions such as Alzheimer's and Parkinson's disease. [ID:nL5420795]

Proximagen said it will pay for Cambridge Biotechnology with a percentage of future revenues, and expects the deal to complete by mid November.

(Reporting by Ben Deighton; Editing by David Jones)

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