Novartis acquires further stake in Speedel
11 July 2008 00:00 in Pharmaceutical Company Restructures
Novartis has announced the purchase of an additional 51.7 per cent stake in Speedel, with the company now owning 61.4 per cent of the firm.
It made the acquisition directly from major Speedel shareholders for the sum of 130 Swiss francs (64.13 pounds) per share.
The company also announced plans to acquire the remaining shares in the company through a mandatory public tender offer for the stock at the same price.
Novartis and Speedel have a long-standing partnership, with Novartis offering financial support for the creation if Speedel in 1998 and the firms working together on Tekturna/Rasilez (aliskiren).
The product pipeline at Speedel offers access to a number of research and development projects targeting cardiovascular disease, including direct renin inhibitors.
Joseph Jimenez, chief executive officer of Novartis Pharma, said: "This step is a natural development in our collaboration, one that has created a successful breakthrough approach to helping patients with cardiovascular disease."
He added that the integration of Speedel into Novartis would speed up the development of Tekturna/Rasilez, especially when used in conjunction with other compounds, as well as providing greater progress in the development of novel compounds in Speedel's pipeline.
Earlier this month, Novartis completed its acquisition of a 25 per cent stake in eye care firm Alcon from Nestle.
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Story collated for Zenopa by the Adfero News Agency