Develogen and Peptor shareholders approve merger

Published: 17-May-2004

Global Life Science Ventures (GLSV) has announced that Develogen, one of its portfolio companies developing new drugs for the treatment of diabetes and obesity, is to merge with Peptor, an Israeli company engaged in the discovery and development of therapeutics to treat diabetes and other autoimmune diseases.


Global Life Science Ventures (GLSV) has announced that Develogen, one of its portfolio companies developing new drugs for the treatment of diabetes and obesity, is to merge with Peptor, an Israeli company engaged in the discovery and development of therapeutics to treat diabetes and other autoimmune diseases.

The merger, which was first announced in November last year, has been approved by shareholders of both companies.

The successful completion of the third round of financing was also announced. The financing round raised €19m for the company. Guenther Karmann will be ceo of the new company, Develogen AG, and Carsten Dehning is named as chief financial officer. The company will be based in Goettingen and Ekrath, Germany, and Rehovot, Israel.

'GLSV has supported Develogen since the company's inception in 1997. The merger with Peptor creates an integrated biopharmaceutical company with the potential to treat metabolic diseases such as diabetes through highly complementary approaches. The merged company is in a good position to benefit from its clear commercial focus,' said Dr Peter Reinisch, partner of GLSV.

  

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