Innogenetics open to Solvay's $278.2M bid

Solvay has made a $278.2 million (€177.6 million) takeover bid for Belgium's Innogenetics. The companies have been R&D partners since 1997, and Solvay is the company's second largest shareholder, with 6.77 percent of the company's stock (founder Rudi Marien holds 18.5 percent of Innogenetics' stock and has committed his shares to the deal). Solvay says it supports Innogenetics recent decision to sell its subsidiary GENimmune and focus on diagnostics. The companies will develop their pipeline through the implementation of biomarker, diagnostics and eventually companion diagnostics technologies.

"Following the recent refocusing of Innogenetics' activities, the time has now come to take our long-standing relationship to a new level," said Werner Cautreels, Solvay's CEO. "The business model would be based on the expansion of Innogenetics' diagnostics business and on our belief that the future of drug development lies in the design of personalized treatments with improved safety and efficacy."

- see the Innogenetics/Solvay release
- take a look at this report for more