Teva set to acquire CoGenesys

Teva Pharmaceuticals has announced that it has entered into an agreement to acquire the privately-held biopharmaceutical company CoGenesys.

The Israeli pharmaceutical firm has confirmed that the acquisition will boost its biotechnology capabilities and advance its strategic goals in becoming a leading player in the biogenerics market.

Teva will also gain access to a world class research team led by Dr Craig Rosen and Steve Mayer, as well as a promising product pipeline and a host of cutting edge technologies.

Commenting on the agreement, Teva’s president and chief executive officer Shlomo Yanai expressed the company’s delight over the acquisition.

“Biopharmaceuticals will be a long-term growth driver for Teva and this transaction represents an important spring-board in our efforts to establish ourselves among the leaders in this market.”

He went on to praise the work of CoGenesys and indicated that the move would enable Teva to provide high quality, affordable biopharmaceuticals worldwide

Established in 2005 as a division of Human Genome Sciences, CoGenesys became an independent company in 2006 focusing on the development of peptide and protein-based medicines using its biotechnology platform.

Earlier this month, Wyeth Pharmaceuticals and Teva announced an agreement for the extension of the standstill period relating to Teva’s launch of generic pantoprazole.