German biotech companies to merge

Published: 13-Jan-2004

Munich-based biotech companies NADAG and SiREEN have reached agreement on a merger to form SIRENADE Pharmaceuticals, an integrated drug discovery and development company with clinical and preclinical projects in CNS and oncology.


Munich-based biotech companies NADAG and SiREEN have reached agreement on a merger to form SIRENADE Pharmaceuticals, an integrated drug discovery and development company with clinical and preclinical projects in CNS and oncology.

The company will immediately commence a financing round to raise approximately €20m in additional investment for the combined entity.

Following the merger, investors including 3i, ABN Amro, Deutsche VC and Renaissance Ventures com-mitted to invest a further €11m in the company, with the balance of the €20m being sought from a consortium of international investors. The terms of the merger were not disclosed.

SIRENADE Pharmaceuticals will capitalise on the strengths of its fully integrated r&d engine with four clinical projects in phase I/II for Alzheimer's disease, Parkinson's disease and migraine, and three preclinical projects in Alzheimer's disease and oncology. The merged company will employ 28 staff and will continue to be based in Munich.

'There is a huge increase of value for both merger partners in this agreement,' said Dr Pierfausto Seneci, currently ceo of NADAG and future ceo of SIRENADE Pharmaceuticals. 'Clinical opportunities with low risk but significant advantages will be progressed in parallel with innovative preclinical projects in unmet medical need fields such as Alzheimer's and Parkinson's disease, and colon cancer.

'Cutting edge competence at SIRENADE will ensure the progression of these projects, while our strong kinase-oriented knowledge and technology will enable us to feed the pipeline with innovative early opportunities.'

Dr Ulrich Lohmann, currently ceo of SiREEN and future chief business development officer of SIRENADE, added: 'The goal of SIRENADE is to significantly increase the value of the company by conducting clinical trials on in-house generated and on in-licensed candidates. This strategy will drive intensive business development for our late-stage compounds with large sales potential.'

  

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