News

From bargain to multi-million exit
Enlarge image

BusinessIceland

From bargain to multi-million exit

12.12.2012 - Amgen will buy deCODE Genetics for US$415m in cash. The US firm gains access to a pioneering genetics platform that has a history with steep turns.

By purchasing deCODE of Iceland, Amgen will intensify efforts to boost its drive to develop targeted drugs. Founded in 1996, deCODE Genetics specialises in analysing and understanding the links between the genome and disease susceptibility, through using its access to a well-defined population in Iceland. The company has discovered genetic risk factors for a number of diseases ranging from cardiovascular illnesses to cancer. However, deCODE failed to fulfill early expectations after going public in 2000. In 2009, the biotech filed for bankruptcy protection, loaded with 13 years of unfulfilled hopes of investors and the influence of the financial crisis. However, the two renowned investors Polaris and Arch believed in the future of deCODE's business model and pulled the company from the stock market.

According to Fierce Biotech, Polaris and Arch purchased the assets originally for only US-$14m. "deCODE Genetics has built a world-class capability in the study of the genetics of human disease," said Robert Bradway, president and CEO at Amgen. "This capability will enhance our efforts to identify and validate human disease targets. This fits perfectly with our objective to pursue rapid development of relevant molecules that reach the right disease targets while avoiding investments in programs based on less well-validated targets." "One of the ways to truly realise the full value of human genetics, is to make our research synergistic with drug development efforts, where target discovery, validation and prioritisation efforts can be accelerated," said Kari Stefansson, founder and CEO at deCODE Genetics, who will stay with the company.

© eurobiotechnews.eu/pd

http://www.european-biotechnology-news.com/news/news/2012-04/from-bargain-to-multi-million-exit.html

PoliticsFranceUKSweden

24.04.2015 AstraZeneca has boosted its oncology portfolio by signing a US$1.275bn agreement with Innate Pharma. The companies plan to further the development of Innate’s tumour-targeting antibody.

PoliticsEU

22.04.2015 A legislative proposal by the European Commission is set to renationalise market authorisation of genetically modified crops.

FinancingUK

21.04.2015 Ahead of its listing on the London Stock Exchange, Woodford’s Patient Capital Trust has raised a record sum of €1.1bn. The fund met with immense interest by investors.

Swiss Biotech DaySwitzerland

16.04.2015 The Swiss biotech industry can look back on 2014 as a good year, but political uncertainties do remain. This was one of the topics discussed during the Swiss Biotech Day in Basel, which attracted more than 400 participants.

EventEUFrance

16.04.2015 The changing landscape in healthcare was just one of the hotly discussed topics of the 27th Annual EuroMeeting of the international association DIA.

R&DBelgium

14.04.2015 Belgian Thrombogenics NV has launched a new oncology company with Gent-based life sciences institute VIB. The new venture will develop an antibody for the treatment of a fast-growing brain tumour that affects children and adolescents.

Stock MarketsEUFranceUKNorwaySweden

09.04.2015 The European public markets remain highly attractive for biotech companies. Twice as many companies went public in the first quarter of 2015 than during the same period last year.

FinancingAustriaUKSwitzerlandGermany

08.04.2015 To bring its lead product of a new class of antimicrobials to phase 3 trials, Nabriva Therapeutics has completed a US$120m Series B financing.

Research & DevelopmentNetherlands

07.04.2015 Gene therapy is attracting more and more big pharma companies. Now, Bristol-Myers Squibb has forged a US$1bn collaboration with Dutch uniQure, also picking up a 4.9% share in the company.

Stock MarketsFrance

02.04.2015 Sensorion is the latest French biotech to go public, following a spate of IPOs on Paris Euronext. The biopharma plans for a €12m IPO to finance its pipeline of inner ear disease drugs.

Events

All Events

Partner-Events

München

BioVaria 2015

Current issue

All issues

Product of the week

Products

Stock list

All quotes

TOP

  • WILEX3.59 EUR5.59%
  • BASILEA118.10 CHF3.14%
  • PAION2.58 EUR2.79%

FLOP

  • BIOTEST79.20 EUR-19.51%
  • CYTOS1.01 CHF-8.18%
  • FORMYCON28.00 EUR-6.01%

TOP

  • CO.DON3.15 EUR22.1%
  • WILEX3.59 EUR21.3%
  • FORMYCON28.00 EUR21.0%

FLOP

  • CYTOS1.01 CHF-27.9%
  • BIOTEST79.20 EUR-18.1%
  • THERAMETRICS0.07 CHF-12.5%

TOP

  • SANTHERA98.85 CHF2460.9%
  • CYTOS1.01 CHF676.9%
  • WILEX3.59 EUR337.8%

FLOP

  • MOLOGEN5.07 EUR-54.8%
  • THERAMETRICS0.07 CHF-30.0%
  • BIOFRONTERA2.41 EUR-28.1%

No liability assumed, Date: 25.04.2015