Merck KGaA acquires UK Biotech Company Biovation Ltd.
Proprietary Technology to remove human immune reactivity from Antibodies and Proteins may lead to safer Biotherapeutics
London, 26 October 2000 - Merck KGaA today announced that it has acquired Biovation Ltd., a privately-owned biotech company specialising in antibody and protein engineering technologies, based in Aberdeen/Scotland. Biovation focuses on proprietary technologies that eliminate immunogenicity in antibodies and other proteins in order to develop biotherapeutic drugs with a superior safety profile. Biovation's technology is expected to be applicable to a wide range of therapeutic proteins.
Biovation Ltd. was established in May 1994 as a venture capital-backed startup by former pharmaceutical industry researchers. The company has research laboratories in Aberdeen and Cambridge/UK and employs 21 people. Both parties have agreed not to disclose financial details of the transaction.
"Biovation ideally complements our existing portfolio of state-of-the-art technology platforms for the development of new biotherapeutic drugs", said Prof Bernhard Scheuble, Chairman and CEO of Merck KGaA. "Reflecting that antibodies play a major role in our portfolio of oncology projects, we clearly see the opportunity that Biovation's excellent people and know-how will support our efforts to bring innovative new treatments to cancer patients worldwide," Scheuble added.
"As a member of the Merck Group, Biovation will keep its name and receive sufficient funding for further development as a self-standing, innovation-driven biotech company", says Dr Frank Carr, founder and CEO of Biovation Ltd. "We want to retain our existing partners and will continue to offer licence-based partnerships to pharmaceutical companies in order to generate specific antibody and protein molecules for pre-clinical development", added Carr who will remain in its position as President and CEO of Biovation Ltd.
The acquisition of Biovation represents another example of Merck KGaA's concept of establishing intelligent alliances, with Merck gaining competence in cutting edge technologies and attracting further talents with Biovation's outstanding researchers.
Together, Biovation and Lexigen Pharmaceuticals, Merck KGaA's fully-owned US Oncology research company based in Lexington, Massachusetts, represent a world-class research force in the field of Immunology, supporting Merck KGaA's commitment to develop and introduce innovative biotherapeutic cancer treatments to patients worldwide. Both research units will report to Matthew Emmens, Member of the global Pharma Management Board of Merck KGaA and CEO of EMD Pharmaceuticals Ltd., Merck KGaA's US Pharma affiliate, based in Durham, N.C
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