Dara BioSciences, a small drug-development company based in Raleigh, has embarked on a new chapter under its new CEO.
The publicly traded company, which has just a handful of employees, announced today that it has acquired Oncogenerix, a small specialty pharmaceutical company based in South Carolina.
Dara shares were trading 26 percent higher this afternoon on the news. Shares were trading at $1.64, up 34 cents. A year ago the company's shares fetched more than $4.
The all-stock acquisition gives Dara the U.S. rights to Soltamox, which is a liquid version of the breast cancer drug tamoxifen. Soltamox already is sold in the United Kingdom and has been approved by the Food and Drug Administration for the U.S. market.
The deal sets the table for Dara, which currently has no drugs on the market, to generate revenue from Soltamox sales.
"Dara expects to be actively marketing and selling Soltamox later this year," the company said in its news release.