17 September 2008
17 September 2008 -
International law firm Mayer Brown acted as a transaction counsel for Cologne-based DIREVO Biotech AG on its acquisition by Bayer HealthCare AG. With the acquisition of the biotech company specialized in protein engineering, Bayer strengthens the research competence in biologicals of its pharmaceutical division Bayer Schering Pharma. Closing of the deal of a value of 210 million Euro is projected for end of September 2008.
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 personnel into Bayer Schering Pharma’s global drug discovery organization.
Dr. Ruediger Herrmann, partner at Mayer Brown said: “This is one of the most significant transactions in the German biotechnology industry.”
The Mayer Brown Team working on the deal included partners Dr. Ruediger Herrmann (Corporate), Dr. Hans-Georg Kamann (Antitrust/European State Aid Law) and associates Ellen Bergmann, Jochen Eimer, Christoph Harler, Marcus Pickel (all Corporate) and Dr. Astrid Poenicke (Tax, all Frankfurt).
For further information:
T: +49 69 7941 1045
M: +49 160 9019 2756
Dr. Ruediger Herrmann
T: +49 69 7941 1431