Health Care Deal News: Spotlight on Biotechnology- October 2012
The biotech sector didn’t report any major transactions. The largest deal was the sale of Complete Genomics (NASDAQ: GNOM) to China-based BGI-Shenzhen for approximately $117.6 million, or $3.15 per share. The price represents an 18% premium to the prior day close. Complete Genomics is a leader in whole human genetic sequencing, which is used by research centers to conduct medical research to improve the treatment of various diseases. BGI-Shenzhen operates international genome sequencing centers. Latham & Watkins advised Complete Genomics in the deal, which is expected to close in 2013.
In another transaction which could become quite large, Baxter International (NYSE: BAX) is buying the European rights to Rigosertib from privately-owned Onconova. Rigosertib is an anti-cancer compound that is used to treat a wide range of bone marrow disorders and for pancreatic cancer. Baxter is paying $50 million upfront plus milestones and royalties that could add up to an additional $515 million. Separately, Roche Holding (SIX: RO) is buying the worldwide rights to California-based Galaxy Biotech’s cancer treating antibodies for $8 million cash upfront plus milestone payments. The deal will strengthen Roche’s already strong portfolio of antibody products..........Want to read more? Click here for a free trial to The Health Care M&A Information Source and download the current issue today