Novagali talks IPO, takeover by Sanofi

France's Novagali is considering an IPO this summer, CEO Jerome Martinez is quoted by newspaper Les Echos as saying. The eye-care company has enough money to last the rest of 2010, Martinez notes; if it pursues an IPO, the drumaker hopes to raise about $41 million.

The paper also reported that Novagali is in talks with several Big Pharma companies--including fellow French company Sanofi-Aventis--about a potential takeover. Sanofi marked its first forray into the ophthalmology market with a $542 million deal to buy eye disease company Fovea. The drugmaker wouldn't comment as to whether it's in talks to acquire Novagali.

- here's the Reuters report on Novagali