Roche to acquire Memory Pharmaceuticals
Roche is to acquire all the outstanding shares of Memory Pharmaceuticals in a cash transaction of approximately $50m (Euro 39m).
Roche is to acquire all the outstanding shares of Memory Pharmaceuticals in a cash transaction of approximately $50m (Euro 39m).
Memory Pharmaceuticals develops innovative drug candidates for the treatment of central nervous system (CNS) disorders such as Alzheimer's disease and schizophrenia. The company's nicotinic alpha-7 agonist drug candidates in these disease areas are already in partnered programmes with Roche: R3487/MEM 3454 is in phase II clinical trials for Alzheimer's disease and schizophrenia; R4996/MEM 63908 is in phase I for Alzheimer's disease.
"Acquiring Memory Pharmaceuticals will enable Roche to secure the future development of its promising nicotinic alpha-7 agonists," said William Burns, chief executive of Roche Pharmaceuticals. "The innovative work carried out by the scientists at Memory Pharmaceuticals will be fully integrated into Roche's R&D portfolio."
Jonathan Fleming, chairman of the board of directors at Memory Pharmaceuticals, said he was confident that Roche's capabilities and experience in the CNS area would enable Memory's research to realise its full potential.