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Bayer HealthCare (BAY) (JOBS) Buys German Biotech Direvo Biotech AG for 210 Million Euros (Approx. $300 Million)


9/16/2008 6:36:48 AM

COLOGNE, GERMANY--(MARKET WIRE)--Sep 16, 2008 -- DIREVO Biotech AG announced today its acquisition by Bayer HealthCare in an all cash deal at a transaction value of EUR 210 Million (approx. $300 Million). DIREVO Industrial Biotechnology GmbH, a wholly owned subsidiary of DIREVO Biotech AG, is not subject to this transaction and has been sold in a separate deal to a group of financial investors.

DIREVO Biotech's unique and proprietary protein engineering platform uses high throughput technologies for the rapid discovery and optimization of biopharmaceuticals. The platform has already been successfully applied to a wide range of proteins, including therapeutic antibodies and proteases that will be added to the preclinical pipeline of Bayer Schering Pharma.

Bayer Healthcare plans to integrate DIREVO Biotech's research and development (R&D) personnel into Bayer Schering Pharma's global drug discovery organization. The site in Cologne will be maintained and integrated into Bayer Schering Pharma as a center of expertise for biologicals alongside the global R&D centers in Germany (Berlin and Wuppertal) and the USA (Berkeley).

"With this deal we emphasize our position as a recognized leader in protein engineering. Bayer HealthCare is our new owner of choice not only because of the excellent perspectives for our projects but also due to the close geographic proximity," said Thomas von Rüden, CEO of DIREVO Biotech AG. "We feel that this is in the best interest of our former owners and our employees. As part of Bayer Schering Pharma we will further develop our expertise and knowledge in biopharmaceutical research."

"Today Bayer Schering Pharma is among the top ten biologics companies in the world. We are committed to further strengthen our biologicals portfolio, and DIREVO's leadership in protein engineering provides promising opportunities for further business growth," said Arthur Higgins, CEO of Bayer HealthCare AG.

DIREVO was advised by Mummert & Company Corporate Finance GesmbH and Mayer Brown LLP.

About DIREVO Biotech AG

DIREVO Biotech AG generates superior bioengineered products and processes for industrial and pharmaceutical markets by enhancing nature's potential. The Company's portfolio includes optimized proteins, optimized bioprocesses and other bio-molecules, to be used in research, in commercial development and on the market. DIREVO develops products both independently and with global leaders such as Danisco/Genencor, Nestlé, AstraZeneca/MedImmune and Pfizer. DIREVO Biotech is committed to a tailored approach to addressing customer needs and market opportunities.

DIREVO's biopharmaceutical business generates improved second generation therapeutics and discovers and optimizes novel first-generation therapeutics in particular in the areas therapeutic antibody and protease. The core technology is a unique and repeatedly proven platform for discovery and optimization of a wide range of protein therapeutics. The company announced recently the implementation of a novel proprietary technology platform bestMab(TM) for the optimization of therapeutic antibodies. In addition, DIREVO is in the process of generating a 3rd generation fully human antibody library that, as the bestMab(TM) technology, is independent from any display technologies. Furthermore, DIREVO has successfully established a high-throughput protein engineering technology in mammalian cells that enables the optimization of complex proteins.

DIREVO has been financed by institutional investors, including TVM Capital, Bankhaus Wölbern, Danisco A/S/Danisco Venture, Mulligan BioCapital, Signet Healthcare Partners, NRW.Bank, and SKB Kapitalbeteiligungsgesellschaft mbH, a Sparkasse KölnBonn affiliated private equity firm as well as a number of private individuals. Find more information at www.DIREVO.com

Contact:

Contact: DIREVO Biotech AG, Dr. Thomas von Ruden President & Chief Executive Officer Telephone: + 49 221 8887-121 E-mail: pr@DIREVO.com

Source: DIREVO Biotech AG

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