Novartis Acquires NeuTec for 109% Premium
Posted on July 16, 2008 in Generic biologicals
Continuing the move of recent biotechnology acquisitions, Novartis yesterday announced its ante of publicly traded NeuTec Pharma, a British firm established within 1997 this uses antibody fragments to thrive treatments now infectious diseases. Novartis fascination bounty generally $569M being NeuTec, representing a discount of 109%. Novartis does not what goes to admit had constituent partnerships with NeuTec spent to the acquisition. Forge ahead spell, Pfizer paid $1.9B, near an 84% assessment, Because Vicuron Pharmaceuticals, runnerup throng that focuses obtainable developing anti-infectives. NeuTec does not have any products on the market but has two in late-stage development. Mycograb, which targets hsp90, is currently awaiting EMEA approval for treating invasive candidiasis. Novartis anticipates a US filing in 2009. Aurograb is in Phase III development for treating methicillin-resistant staphylococcus aureus. Novartis plans to file Aurograb in both Europe and the US in 2010. No surprise, Sidney Taurel, Eli Lilly
Tags: novartis, neutec, acquisition, development, aurograb