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news.Teva Pharmaceutical Industries has entered into a definitive agreement to acquire CoGenesys, a privately-held biopharmaceutical company with a broad based biotechnology platform and focused on the development of peptide- and protein-based medicines across broad therapeutic categories.
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Under terms of the agreement, Teva will pay a purchase price of $400 million cash, funded from its internal resources. The transaction has been approved by the boards of directors of each company and by the shareholders of CoGenesys and is subject to customary closing conditions. The deal is expected to close during the first half of 2008.
With this acquisition, Teva will simultaneously gain access to a world-class biotechnology research team, cutting edge technologies, and an attractive innovative pipeline.
Shlomo Yanai, president and CEO of Teva, said: “CoGenesys’s acquisition reflects our commitment to capture the significant long-term prospects we believe the biogenerics market will offer.”