Schering-Plough Completes Acquisition of Most NeoGenesis' Assets
"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 chief executive officer, Schering-Plough Corporation. "We are also pleased that most of the scientists from NeoGenesis have accepted our offer to join Schering- Plough."
Schering-Plough also announced that former NeoGenesis executive Satish Jindal, Ph.D., has been appointed vice president, Schering-Plough Research Institute, and site head, Cambridge, Mass., reporting to Catherine D. Strader, Ph.D., executive vice president for discovery research, Schering-Plough Research Institute. The group will continue to be based in Cambridge, Mass.
As previously announced, Schering-Plough and NeoGenesis have had a research collaboration since 1999. On Jan. 20, 2005, the two companies announced that they had entered into an agreement for Schering-Plough to acquire most of NeoGenesis' assets, subject to normal closing conditions. NeoGenesis Pharmaceuticals, Inc. is a privately held biopharmaceutical company focused on applying novel screening and chemistry technologies to discover and develop small molecule drugs.
Organizations
Other news from the department business & finance
Get the chemical industry in your inbox
From now on, don't miss a thing: Our newsletter for the chemical industry, analytics, lab technology and process engineering brings you up to date every Tuesday and Thursday. The latest industry news, product highlights and innovations - compact and easy to understand in your inbox. Researched by us so you don't have to.