Biovitrum Swallows BritishCambridge Biotechnology
Stockholm - Swedish Biovitrum AB has acquired Cambridge Biotechnology Ltd. (CBT), a UK-based private drug discovery company. The completion of the transaction was formally approved by a shareholders meeting at Biovitrum AB in late April. Through this move, Biovitrum aims at developing its therapeutic area base - which includes metabolic diseases such as type 2 diabetes and obesity as well as specialty indications such as onco logy and ophtalmology - and advancing its product portfolio, aiming at strengthening its position as a leading European player. As a wholly owned subsidiary of Biovitrum, Cambridge Biotechnology, which has 29 employees, will continue to work as an autonomous R&D unit based in Cambridge. Through the acquisition of CBT “we get a direct connection into one of Europe's most interesting and dynamic biotech clusters”, said Mats Pettersson, CEO of Biovitrum.
CBT's drug discovery efforts have been focused on targeting obesity, pain and inflammation, utilizing the company's skills in the field of cytokine receptors. Cambridge Biotechnology has led one compound, CBT 1008 for inflammatory pain, successfully through a phase I clinical trial, generating a pipeline of compounds including novel leptin agonists. The most advanced leptin agonist, for the treatment of obesity, is expected to enter phase I next year. CBT's head Tony Sedgwick said: “The broad skill set of expertise at Biovitrum combined with our biology and pharmacology at CBT will be paramount to the successful commercialization of our products. The founders and investors are very pleased with this acquisition”.