Roche acquires UK biotech company Piramed
Roche is to acquire Piramed, a privately owned UK company focusing on therapeutics targeting PI3-kinase (PI3-K). The PI3-K pathway is known to play an important role in disease progression and in resistance to chemotherapeutics in cancer cells.
Roche is to acquire Piramed, a privately owned UK company focusing on therapeutics targeting PI3-kinase (PI3-K). The PI3-K pathway is known to play an important role in disease progression and in resistance to chemotherapeutics in cancer cells.
Through this acquisition, Roche's r&d pipeline is strengthened by Piramed's two major research programmes targeting PI3-K-alpha in oncology and PI3K-delta in inflammatory disease.
Under the terms of the agreement, Roche will acquire 100% of Piramed's shares for US$160m (Euro 101m), plus a milestone payment of $15m (€9.5m), due upon the commencement of phase II clinical trials for the company's oncology programme. Completion is expected during the second quarter of 2008.
The PI3-K-alpha programme has a compound in phase I of clinical development and is currently being developed in collaboration with Genentech, in whom Roche has a majority ownership interest. The previously unpartnered PI3-K-delta programme, while at a pre-clinical stage, will be integrated into the Roche Group's inflammatory r&d portfolio.
"The integration of Piramed's promising r&d reaffirms and further strengthens Roche's leadership in oncology," said William M. Burns, ceo, Roche Pharmaceuticals Division. "In addition, this acquisition augments our research efforts in debilitating diseases such as rheumatoid arthritis."