Bayer HealthCare acquires Direvo Biotech

Bayer HealthCare has announced the acquisition of German firm Direvo Biotech as part of plans to expand its technological expertise in biologicals and strengthen its efforts to develop innovative drugs of this type.

The deal is worth a total of 210 million euros (165.5 million pounds) and is due to close in September 2008.

Bayer noted the industrial biotechnology business of Direvo Biotech is not part of the transaction.

Direvo Biotech is a firm specialising in protein engineering with a platform that uses high-throughput technologies for the rapid discovery and optimisation of biopharmaceuticals.

Bayer said it would integrate research and development staff from Direvo into its global drug discovery and retain its Cologne site and incorporate it into the company as a biologicals centre of expertise.

Arthur Higgins, chief executive officer of Bayer HealthCare, said: “We are committed to further strengthen our biologicals portfolio and Direvo’s leadership in protein engineering provides promising opportunities for further business growth.”

He added that at present, Bayer Schering Pharma is one of the top ten biologicals companies in the world.

In April 2008, Bayer HealthCare affiliate Medrad announced the completion of its tender offer for the outstanding shares of common stock of Possis Medical.