London-based Proximagen Neuroscience has acquired Cambridge Biotechnology (CBT) from Sweden-based pharmaceutical group Biovitrum for an undisclosed sum.

The deal comes after AIM-listed Proximagen raised £50 million in a shares issue in June, and forms part of the company's strategy to acquire later stage drug development programmes. CBT had net assets of £109,000 as at the end of September.

Kenneth Mulvany, CEO of Proximagen, said: 'We are confident that the programmes we have acquired will become important value drivers for the Proximagen group, offering significant market potential, with limited financial risk.'

Proximagen reported revenue of £396,000 in the six months to May, with pre-tax losses of £1.4 million.