News

Octoplus soon in Indian hands
Enlarge image

BusinessNetherlands

Octoplus soon in Indian hands

23.10.2012 - Dutch pharma company Octoplus faces a daunting offer from Indian Dr. Reddy’s Laboratories. Most shareholders and both boards back the sale plan.

Dr. Reddy’s Laboratories Ltd from Hyderabad ties itself more strongly to Europe. Just this summer, Dr. Reddy’s launched the plan with German Merck from Darmstadt to co-develop a portfolio of biosimilar monoclonal antibodies (mAbs) in oncology. Now, the Indian API and generics producer is about to acquire the issued as well as the outstanding shares of Octoplus N.V. from Leiden. Dr. Reddy’s says it holds an irrevocable commitment from shareholders representing more than 50% of Octoplus shares. In addition, the Executive Board and Supervisory Board of the Dutch small pharma enterprise favour the transaction and urge the remaining shareholders to accept it. The offer is €27.39m in cash, representing all shares. This means a premium of 30% over the closing price of Octoplus’ end of day evaluation on 19 October 2012. OctoPlus’ identity and head office will be maintained. The intention of the partners is to enter into a business collaboration agreement for investigational formulation research.

Vice-Chairman and CEO of Dr. Reddy’s, G. V. Prasad, explains the rationale behind the offer: „As we globalise our R&D efforts, we are looking forward to build a research base in Leiden (Netherlands). The acquisition helps us ramp up our technology capabilities in drug delivery.“ Octoplus provides controlled release drug delivery technologies and cGMP manufacturing of the final product. With five new customers and three new projects with existing clients, the company increased revenues by 29% to €3.5m during the first half year of 2012 compared to €2.7m in H1/2011 .

© eurobiotechnews.eu/ml

http://www.european-biotechnology-news.com/news/news/2012-04/octoplus-soon-in-indian-hands.html

PoliticsEULithuaniaPoland

02.10.2014 New EU commission chief Jean-Claude Juncker is on the defensive after members of Parliament and NGOs criticised his reorganisation of the health technology units.

EbolaEUFrance

30.09.2014 In the face of the Ebola outbreak sweeping the West African countries, the EMA has started to review investigational treatments for the deadly virus disease.

FinancingSwitzerlandGermanyNetherlandsFrance

26.09.2014 Biotechnology has made the news in the stock market this month, as a wave of companies announced plans to launch IPOs on European exchanges later this year.

ResearchGermany

25.09.2014 After being hit hard by the Andromeda trial data falsification scandal, German biotech Evotec is moving back into calmer waters with new MS research projects.

FinancingNetherlands

23.09.2014 Dutch Biotech VC firm Aglaia has launched a new US$65m fund targeted towards biotechnology startups working on groundbreaking technologies aimed at preventing and curing cancer.

BusinessGermany

19.09.2014 In order to concentrate on the life science business, German industry giant Bayer is splitting off its plastics subgroup as a separate company.

FinanceSwitzerland

18.09.2014 Swiss biopharma Cardiorentis has received a €45m investment from overseas investment firm Healthcare Royalty Partners in order to finance the registration for its heart drug.

PoliticsEU

15.09.2014 Jean Claude Juncker, the European Commission President-elect revealed his new Commissioners last week, whilst announcing a change in the units dealing with medicines, medical devices and health technology.

BiosimilarsGermanyFrance

12.09.2014 The 2011 collaboration of Boehringer Ingelheim and Eli Lilly is bearing fruit. An insulin biosimilar developed through the partnership has now been approved in Europe - the first-ever generic version of this class.

FinancingNetherlands

11.09.2014 Cystic fibrosis specialist Proqr Therapeutics has set the terms for its upcoming IPO at US-American stock exchange NASDAQ.

Events

All Events

Current issue

All issues

Product of the week

Products

Stock list

All quotes

TOP

  • BIOFRONTERA2.44 EUR10.91%
  • WILEX2.19 EUR4.29%
  • PAION3.28 EUR1.86%

FLOP

  • SANTHERA83.00 CHF-4.54%
  • EVOLVA1.19 CHF-4.03%
  • BB BIOTECH149.65 EUR-2.95%

TOP

  • PAION3.28 EUR36.1%
  • CO.DON3.05 EUR24.0%
  • FORMYCON8.17 EUR15.9%

FLOP

  • CYTOS0.18 CHF-28.0%
  • EVOTEC3.05 EUR-18.0%
  • 4SC1.01 EUR-14.4%

TOP

  • SANTHERA83.00 CHF2044.7%
  • PAION3.28 EUR245.3%
  • CO.DON3.05 EUR214.4%

FLOP

  • CYTOS0.18 CHF-95.3%
  • 4SC1.01 EUR-46.0%
  • MOLOGEN6.64 EUR-44.2%

No liability assumed, Date: 01.10.2014