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Swedish Orphan Biovitrum — M&A Activity 2009
Nov 24, 2009
2974_rns_2009-11-24_3793ff4c-cd58-4e39-8968-ecebbf23bf5e.pdf
M&A Activity
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Biovitrum Completes Divestiture of Cambridge Biotechnology
Stockholm, Sweden November 23, 2009 – Biovitrum AB (publ) (STO:BVT) today announced that it has completed the divestiture of its wholly-owned subsidiary Cambridge Biotechnology Ltd (CBT), and the sale of certain drug development programs, to Proximagen Neuroscience plc (AIM: PRX).
The drug development programs consist of the pre-clinical stage programs VAP-1 and Trk A, as well as two clinical stage programs, the 5-HT2c agonist and the 5-HT6 antagonist programs. In return Biovitrum will receive a share of future revenues generated from the pipeline.
"We are pleased that CBT along with its promising small-molecular pipeline in important primary care areas will get a new home, as we are focusing on recombinant protein pharmaceuticals in specialist indications. We are convinced that Proximagen will develop these exciting programs, and leverage their full potential value, for the benefit of patients with unmet medical needs," said Martin Nicklasson, CEO of Biovitrum.
About Biovitrum
Biovitrum is an international pharmaceutical company that markets specialist pharmaceuticals in several regions. Using its expertise and experience Biovitrum takes scientific innovation to patients with significant unmet medical need. Research expertise and capabilities are focused on development and production of biotechnology therapeutics within our prioritized areas of hemophilia, inflammation/autoimmune diseases, cancer supportive care and malabsorption. The company has revenues of approximately SEK 1.2 billion and around 400 employees. The company head office is located in Sweden and it is listed on the Stockholm OMX Nordic Exchange. For more information please visit www.biovitrum.com.
For further information, please contact
Biovitrum AB (publ)
Erik Kinnman, Vice President Investor Relations Phone: +46 73 422 15 40 [email protected]
Martin Nicklasson, CEO Phone. +46 8 697 2327
Biovitrum AB (publ) may be required to disclose the information provided herein pursuant to the Swedish Securities Markets Act. The information was provided for public release on November 24, 2009 at 08.05 a.m. CET.