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Pharmaxis Limited Substantial Shareholder Acquires Further Shares

Pharmaxis Limited (ASX:PXS) has received a notice of change in substantial shareholding holding from BVF Partners increasing its stake up to 9.54% from 8.52%.

In a bullish sign, BVF Partners acquired more than 3 million shares through a number of on-market purchases in June. It now owns 30 million shares in the company.

BVF has gradually increased its interest in the company since acquiring an initial substantial shareholding on 1st June 2015.

The company had $62 million in cash as at 31st March 2015 following its restructuring.

In May, Pharmaxis closed an agreement for Boehringer Ingelheim, one of the world's 20 leading pharmaceutical companies, to acquire its phase 1 anti-inflammatory drug candidate for 27.5 million euros (A$40.4 million).

This could be worth up to A$750 million in tiered and milestone payments, recognising the company's global drug discovery strengths.

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