Solvay acquires Innogenetics

Solvay Pharmaceuticals, a subsidiary of the Solvay group, has announced the successful acquisition of Belgian-based biotechnology firm Innogenetics.

It has purchased the company in a cash transaction of 6.5 euros (5.2 pounds) per share, equal to a total of 200.7 million euros for the entire shareholding in Innogenetics.

This offer from Solvay ran from August 12th-September 5th 2008 and the group now holds 84.3 per cent of the Innogenetics shares.

Reference shareholders Rudi Marien, Biovest, Marigest Holding and Gengest who between them hold 18.68 per cent of the shares in the firm have tendered their stakeholding in this offer.

Solvay has chosen to re-open its offer from September 23rd to October 14th 2008 to allow any remaining Innogenetics shareholders the chance to take part in this transaction.

Werner Cautreels, chief executive officer of Solvay Pharmaceuticals, said: “We are extremely pleased with the positive response of the Innogenetics shareholders.”

He added that the company will speed up the closing procedure for the transaction to allow it to expand the diagnostic business of Innogenetics and use the research and development capabilities of both firms to accelerate the development of its own therapeutic pipeline.

In July 2008, Solvay Pharmaceuticals increased its offer for Innogenetics from 5.75 euros per share to the 6.50 euros offer accepted by its shareholders.