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

R&DEUBelgium

18.12.2014 IMI has launched a €115m call for proposals involving a project in collaboration with the Bill and Melinda Gates Foundation to improve vaccines against whopping cough in children.

PoliticsEUPolandItalySpainUK

16.12.2014 Two consortia combined of 144 European companies, research institutes and universities have been selected for funding by the EIT in the areas of health and raw materials. Both clusters are set to acquire €1.1bn over the next seven years.

M&ALuxembourg

11.12.2014 Luxembourg bio-analytical testing company Eurofins Scientific has signed an agreement to acquire Boston Heart Diagnostics Corp. for an initial €112m.

StudySwitzerlandEU

10.12.2014 When it comes to the biggest investors in Research and Development (R&D) Swiss pharma top dogs Novartis and Roche have defended their positioning among the top ten companies worldwide – according to a recently published EU study.

FinancingUKSpain

09.12.2014 British drug delivery specialist Midatech Pharma plc floated on the London stock market. It is the third biotech IPO on the AIM market this year.

CooperationAustria

05.12.2014 Austrian contract research company VTU has entered into a development and commercialisation agreement with US company RCT. The partners want to combine both companies' Pichia pastoris protein production technologies under VTU's roof.

FinancingDenmark

03.12.2014 Danish biotech pharma Ascendis has successfully completed a €48m Series D financing round. The funding is expected to support its late-stage clinical trials to push its lead drug into Phase III trials.

RegulationUKFranceGermanySpain

01.12.2014 In spite of innovative new medicines on the market, the UK and Germany lag behind other countries and continue to use older medicines - especially in the treatment of cancer. French and Spanish patients, on the other hand, benefit much earlier from medical innovation.

Events

All Events

Current issue

All issues

Product of the week

Products