Bayer HealthCare buys DIREVO Biotech
Bayer HealthCare has acquired a leading manufacturer of bioengineered products and processes in a move aimed at strengthening its biologicals portfolio.
Bayer HealthCare has acquired a leading manufacturer of bioengineered products and processes in a move aimed at strengthening its biologicals portfolio.
In an all cash deal worth Euro 210m, Bayer HealthCare hasacquired DIREVO Biotech AG also in Germany, and with it, the company's unique and proprietary protein engineering platform.
The platforms use high throughput technologies for the rapid discovery and optimisation of biopharmaceuticals. Their use 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 personnel into Bayer Schering Pharma's global drug discovery organisation. 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 emphasise our position as a recognised 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 Rueden, 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."
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 optimisation of a wide range of protein therapeutics.
"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.
The acquisition does not include DIREVO Industrial Biotechnology GmbH, a wholly owned subsidiary of DIREVO Biotech AG. This division is not subject to this transaction and has been sold in a group of financial investors.