EUSA hopes to expand into U.S. oncology market. Source: EUSA Pharma

EUSA Pharma, a pharmaceutical company focused on oncology, pain control and critical care, has entered into a definitive agreement to acquire all the outstanding shares of Cytogen for $22.6 million.

Cytogen is a pharmaceutical company with three oncology and pain control products on the U.S. market.

To meet the acquisition consideration, and fund further investments, EUSA Pharma has concurrently raised more than $50 million in an investment round, led by TVM Capital, a venture capital firm.

“Over the last 18 months EUSA has built a strong European organization covering more than 20 countries and marketing a portfolio of six specialty pharmaceuticals. Cytogen's products and U.S. infrastructure are the ideal complement to our business, offering us the opportunity to commercialize a rapidly growing portfolio of medicines on both sides of the Atlantic,” Bryan Morton, CEO of EUSA, said.

The Oxford, England-based EUSA said the acquisition of the Doylestown, Pa.-based Cytogen brings an established U.S. commercial organization with three marketed products to EUSA.