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news.Bayer HealthCare has acquired the German biotech company Direvo Biotech. Closing of the deal of a value of E210 million is projected for end of September 2008.
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With the acquisition of the biotech company specialized in protein engineering, Bayer said that it is strengthening the research competence in biologicals of its pharmaceutical division, Bayer Schering Pharma. The industrial biotechnology business of Direvo Biotech is not subject to the transaction.
Bayer HealthCare plans to integrate Direvo Biotech’s 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 US (Berkeley).
Thomas von Ruden, CEO of Direvo Biotech, said: “Bayer HealthCare is our owner of choice not only because of the excellent perspectives for our projects but also due to the close geographic proximity.
“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.”