Bayer AG grabs Direvo in $298M buyout

Germany's Bayer AG has snapped up the protein engineering company Direvo for $298 million. The acquisition, one in a series of planned buyouts, is designed to bolster the biologics work being done by Bayer Schering. Direvo's protein engineering drug platform will be deployed to find new therapeutic candidates. Bayer says the work will be integrated into the company's existing R&D infrastructure. Analysts note that Bayer has said it wants to make a number of smaller purchases to complement its R&D efforts following the 2006 acquisition of Schering.

"Today Bayer Schering Pharma is among the top 10 (biological drug) companies in the world," said Arthur Higgins, the chief executive of Bayer Health Care said in the statement. "We are committed to further strengthen our biologicals portfolio, and Direvo's leadership in protein engineering provides promising opportunities for further business growth."

Bayer also announced that it has won its first regulatory clearance for the blood-thinning drug Xarelto in Canada.

- read the story from the International Herald Tribune

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