Neuro Biosci to buy stake in CLL Pharma
75 per cent of the issued and outstanding share capital of CLL
Pharma, a French company engaged in the business of reformulating
drugs using its proprietary drug delivery technologies.
US Neuro Bioscience has signed an agreement to acquire a minimum of 75 per cent of the issued and outstanding share capital of CLL Pharma, a French company engaged in the business of reformulating drugs using its proprietary drug delivery technologies.
Alan Bowen of Neuro Bioscience commented: "incorporating CLL Pharma…should position Neuro Bioscience to take a leading role in the fight against diseases such as depression, Alzheimer's, Parkinson's and multiple sclerosis."
CLL Pharma has five proprietary drug delivery systems, which address a reformulation marketplace that is projected to grow from $49 billion in 2002 to $88 billion in 2007, according to the US firm. During that time period, pharmaceuticals with turnover of nearly $40 billion will come off patent, offering possibilities for prolonged patent life through the application of formulation technologies.
Neuro Bioscience says that, with its strategy of acquiring other synergistic companies and products in the central nervous system drugs sector, it is positioning itself to be a leader in the development of these products, which will be "a $77 billion market by 2007."
CLL Pharma had $7 million of revenues for the last fiscal year and has received 45 marketing authorizations for its products. It has marketing and production agreements with many top pharmaceutical companies, including, Merck & Co, Johnson & Johnson, Teva Pharmaceuticals, Novartis, GlaxoSmithKline, Aventis, Pfizer, Sanofi-Synthelabo and IVAX Pharmaceuticals.