Teva To Acquire CoGenesys

Teva Pharmaceutical Industries Ltd. has entered into a definitive agreement to acquire CoGenesys, Inc. for $400 million cash. CoGenesys is a biopharmaceutical company focused on the development of peptide- and protein-based medicines. CoGenesys was established in 2005 as a division of Human Genome Sciences Inc. (HGSI) with an early drug development focus and became independent in June 2006.
   
The acquisition is part of Teva’s strategic goal to advance in the biogenerics market as it evolves. Teva will gain access to CoGenesys’ biotechnology research team, its development technologies (including Albumin Fusion, a novel approach to long acting biopharmaceuticals), and its pipeline, representing a broad spectrum of therapeutic categories. The CoGenesys team includes 70 professionals working in a 48,000-sq.-ft. state-of-the-art facility, in Rockville, MD.
   
Teva’s biotechnology infrastructure currently includes product development and manufacturing in several countries. The company also markets biopharmaceutical drugs outside the U.S.
   
Shlomo Yanai, Teva’s president and chief executive officer, said, “Biopharmaceuticals will be a long-term growth driver for Teva, and this transaction represents an important springboard in our efforts to establish ourselves among the leaders in this market. CoGenesys’ breadth of technologies and the depth of their team and pipeline complement Teva’s large-scale operations, extensive resources and its proven expertise in bringing drugs to market. CoGenesys’ acquisition reflects our commitment to capture the significant long-term prospects we believe the biogenerics market will offer.”
   
The transaction is expected to close during the first half of 2008.