Teva has whetted at least part of its appetite for fresh acquisitions with the announcement this morning that it is buying CoGenesys for $400 million in cash. The Israeli generic drug company says the buyout will give it a better position to compete in the fledgling biogeneric field [1]. CoGenesys has drug candidates in the pipeline for cardiovascular disease, multiple sclerosis, diabetes and autoimmune diseases. It uses technology that retains therapies in the body for a longer period of time, reducing dosage requirements.
"CoGenesys' acquisition reflects our commitment to capture the significant long-term prospects we believe the biogenerics market will offer," said Teva CEO Shlomo Yanai in a statement. CoGenesys was a 2007 Fierce 15 [2] company.
- see this release [3]
- read the AP report [4]
ALSO: It took a much sweeter offer, but Roche has prevailed in its bid to buy Ventana Medical Systems. Report [5]
Related Articles:
Teva earmarks $1B for India. Report [6]
Waiting game continues for biogenerics. Report [1]
Dr. Reddy's make risky biogenerics move. Report [7]
Links:
[1] http://www.fiercebiotech.com/story/waiting-game-continues-biogenerics/2007-09-10
[2] http://www.fiercebiotech.com/fierce15/2007/cogenesys
[3] http://www.fiercebiotech.com/press-releases/teva-acquire-cogenesys
[4] http://money.cnn.com/news/newsfeeds/articles/apwire/f8ce70cee0f2976ca644bc51b2595667.htm
[5] http://www.fiercepharma.com/story/roche-nabs-3-4b-ventana-prize/2008-01-22
[6] http://www.fiercepharma.com/story/teva-earmarks-1b-india/2008-01-11
[7] http://www.fiercebiotech.com/node/7447