Pharma Patch plc of Dublin, Ireland, a company that developstransdermal drug delivery systems, has agreed to acquire a 14 percentinterest in Cangene Corp., a company focused on the development ofnovel nucleic acid-based diagnostics and pharmaceutics. Thetransaction is expected to be completed on June 8.Pharma Patch said it intends to pursue the acquisition of further interestin Cangene. Paul Heney, Pharma's corporate secretary, said Pharmawould look at all options.The agreement calls for Pharma Patch to acquire 1,319,996 commonshares of Cangene in exchange for 439,999 Pharma Patch shares, or 9percent of Pharma's outstanding ordinary shares.Heney said the timing of the announcement, a day after Toronto-basedCangene's victory in a patent suit concerning Cangene's gene-amplification technology, was purely coincidental. (See BioWorldToday, June 2, 1994, p. 1.)Cangene has one drug in Phase II/III clinical trials in Canada. Certainapplications of Cangene's diagnostic technology are licensed to AkzoPharma International B.V. of Arnhem, the Netherlands. _ PhilippaMaister
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