Philogen SpA has withdrawn its proposed initial public offer of shares on the Milan Stock Exchange following the unexpected termination of a licensing and development contract by Bayer Schering Pharma AG, according to Philogen.
Sanofi-Aventis SA has won the agreement of Genzyme Corp’s management to acquire the US company for $74 per share in cash, plus special milestone payments if certain product goals are met. The offer is an increase from $69 per share.
E-Therapeutics Plc, which is a service company and a drug developer, is proposing to raise £17.6 million gross through a primary share offering arranged by Panmure Gordon, which is also overseeing a £3.4 million secondary offering of E-Therapeutics shares.
Sinclair Pharma Plc and IS Pharma Plc, two specialist pharmaceutical companies listed in London, intend to merge through an exchange of shares, subject to certain conditions.
Philogen SpA, an Italian biotech company that is developing advanced antibodies for cancer treatments, has become the first European biotechnology company to offer its shares to the public in 2011. The company is developing products for the treatment of angiogenesis-related disorders.
Evotec AG has agreed to pay about €12 million for Kinaxo Biotechnologies GmbH, a Munich-based drug discovery company, which supports the development of targeted drugs.
Cellnovo Ltd of the UK, the developer of a diabetes pump management system, has raised £30 million in a Series B financing round from a group of international investors led by Edmond de Rothschild Investment Partners of Paris, France.
Eli Lilly and Company has entered into a three-year research agreement with the Juvenile Diabetes Research Foundation to explore a new strategy for regenerating beta cells in people with Type 1 diabetes.
Merck & Co Inc has ended its multi-year drug-target discovery alliances with Galápagos NV of Belgium citing changes in its corporate strategy. It will pay Galápagos €12 million for work completed in 2010.
The European Union has allocated €3.3 million to a gene therapy consortium which is working on a possible treatment for acute intermittent porphyria (AIP), a metabolic disorder. A treatment has been developed by Amsterdam Molecular Therapeutics (AMT).