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news.Schering-Plough has entered into an agreement to acquire most of the assets of NeoGenesis Pharmaceuticals, an innovative drug discovery and development firm, to strengthen its drug discovery efforts.
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Financial terms of the deal, which is subject to normal closing conditions, have not been disclosed by the companies, but the acquisition is expected to close later in the current quarter.
“We are very pleased to announce Schering-Plough’s agreement to acquire NeoGenesis,” said Dr Henry Skinner, president and CEO of NeoGenesis. “We have had a highly successful and productive long term collaboration between NeoGenesis and Schering-Plough and are looking forward to the next phase of this relationship.”
Fred Hassan, chairman and chief executive officer of Schering-Plough Corporation, said in a statement that he hopes most of NeoGenesis’ staff will join Schering-Plough at the time of the closing.
Headquartered in Cambridge, Massachusettes, NeoGenesis is a privately held biopharmaceutical company focused on applying novel screening and chemistry technologies to discover and develop small molecule drugs. Schering-Plough and NeoGenesis have had a research collaboration since 1999.