Advertise With UsAdvertise on our extensive network of industry websites and newsletters.
Get the PBR newsletterSign up to our free email to get all the latest PBR
news.Direvo Biotech has announced the sale of its fully owned subsidiary Direvo Industrial Biotechnology that was incorporated recently for an undisclosed cash amount to a group of investors.
Subscribe to our email newsletter
In addition, the new company completed an E8 million financing in the form of Series A preferred stock. The participating institutions included Bankhaus Wolbern (Hamburg) and NRW Bank (Dusseldorf) as lead investors.
The company received from its parent company Direvo Biotech, which was recently acquired by Bayer HealthCare, exclusive access to the Direvo technology platform for all markets and applications outside the field of biopharmaceuticals development and has the rights to duplicate the Direvo technology platform and for its application in its field of business.
The company currently has a total of 17 full-time employees and receives administrative and technical services from the parent company until successful build-up of its own capabilities which is expected to be completed within a year from now.
Thomas von Ruden, CEO of Direvo Biotech, said: “This is part of the overall company strategy towards maximizing the value of Direvo’s technologies and capabilities.”