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DIREVO Biotech Acquired by Bayer HealthCare - 210 Million EUR (approx. $300
Million) Transaction Value
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Cologne (Germany), September 16, 2008 – DIREVO Biotech AG announced
today its acquisition by Bayer HealthCare in an all cash deal at a transaction
value of €210 Million (approx. $300 Million). DIREVO Industrial Biotechnology
GmbH, a wholly owned subsidiary of DIREVO Biotech AG, is not subject to this
transaction and has been sold in a separate deal to a group of financial
investors.
DIREVO Biotech’s unique and proprietary protein engineering platform uses high
throughput technologies for the rapid discovery and optimization of
biopharmaceuticals. The platform has already been successfully applied to a wide
range of proteins, including therapeutic antibodies and proteases that will be
added to the preclinical pipeline of Bayer Schering Pharma.
Bayer Healthcare plans to integrate DIREVO Biotech’s research and development
(R&D) personnel into Bayer Schering Pharma’s global drug discovery organization.
The site in Cologne will be maintained and integrated into Bayer Schering Pharma
as a center of expertise for biologicals alongside the global R&D centers in
Germany (Berlin and Wuppertal) and the USA (Berkeley).
”With this deal we emphasize our position as a recognized leader in protein
engineering. Bayer HealthCare is our new owner of choice not only because of the
excellent perspectives for our projects but also due to the close geographic
proximity,” said Thomas von Rüden, CEO of DIREVO Biotech AG. “We feel that this
is in the best interest of our former owners and our employees. As part of Bayer
Schering Pharma we will further develop our expertise and knowledge in
biopharmaceutical research.”
“Today Bayer Schering Pharma is among the top ten biologics companies in the
world. We are committed to further strengthen our biologicals portfolio, and
DIREVO’s leadership in protein engineering provides promising opportunities for
further business growth,” said Arthur Higgins, CEO of Bayer HealthCare AG.
DIREVO was advised by Mummert & Company Corporate Finance GesmbH and Mayer Brown
LLP.
About DIREVO Biotech AG
DIREVO Biotech AG generates superior bioengineered products and processes for
industrial and pharmaceutical markets by enhancing nature's potential. The
Company’s portfolio includes optimized proteins, optimized bioprocesses and
other bio-molecules, to be used in research, in commercial development and on
the market. DIREVO develops products both independently and with global leaders
such as Danisco/Genencor, Nestlé, AstraZeneca/MedImmune and Pfizer. DIREVO
Biotech is committed to a tailored approach to addressing customer needs and
market opportunities.
DIREVO’s biopharmaceutical business generates improved second generation
therapeutics and discovers and optimizes novel first-generation therapeutics in
particular in the areas therapeutic antibody and protease. The core technology
is a unique and repeatedly proven platform for discovery and optimization of a
wide range of protein therapeutics. The company announced recently the
implementation of a novel proprietary technology platform bestMab™ for the
optimization of therapeutic antibodies. In addition, DIREVO is in the process of
generating a 3rd generation fully human antibody library that, as the bestMab™
technology, is independent from any display technologies. Furthermore, DIREVO
has successfully established a high-throughput protein engineering technology in
mammalian cells that enables the optimization of complex proteins.
DIREVO has been financed by institutional investors, including TVM Capital,
Bankhaus Wölbern, Danisco A/S/Danisco Venture, Mulligan BioCapital, Signet
Healthcare Partners, NRW.Bank, and SKB Kapitalbeteiligungsgesellschaft mbH, a
Sparkasse KölnBonn affiliated private equity firm as well as a number of private
individuals.
Find more information at www.DIREVO.com
Contact:
DIREVO Biotech AG
Dr. Thomas von Rüden
CEO
t: + 49 221 8887-121
e: pr@DIREVO.com
College Hill Life Sciences
Dr. Robert Mayer
Account Manager
t: + 49 89 5238 8030
e: robert.mayer@collegehill.com
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