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news.Schering-Plough has completed its acquisition of most of the assets of privately held drug discovery company NeoGenesis Pharmaceuticals. Financial terms of the transaction have not been disclosed.
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Schering-Plough and NeoGenesis have had a research collaboration since 1999 and announced that they had entered into the acquisition agreement on January 20.
“This acquisition will further strengthen the discovery capabilities of Schering-Plough and is another important step in our commitment to build a best-in-class research organization,” said Fred Hassan, chairman and CEO of Schering-Plough Corporation. “We are also pleased that most of the scientists from NeoGenesis have accepted our offer to join Schering-Plough.”
Schering-Plough has also announced that former NeoGenesis executive, Dr Satish Jindal, has been appointed vice president of Schering-Plough Research Institute, and site head at Cambridge, Massachusetts, reporting to Dr Catherine Strader, executive vice president for discovery research at Schering-Plough Research Institute. The group will continue to be based in Cambridge, Massachusetts.