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09/16/2008

DIREVO Biotech Acquired by Bayer HealthCare



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."

Source: DIREVO Biotech AG


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