Roche buys British biotech firm Piramed

15th April 2008, Comments 0 comments

The Swiss drugs maker is paying CHF 159.5 million for the takeover of the British firm.

15 April 2008

BASEL - Swiss drugs maker Roche says it is buying the British biotech firm Piramed for CHF 159.5 million (US$160 million).

Roche says the move will strengthen its ability to research and develop cancer treatments.

Piramed develops treatments for cancer and immune diseases such as arthritis and asthma.

Roche's announcement on Tuesday says the takeover will be completed in the current quarter.

A further payment of CHF 15 million USD 15 million to the Slough, England-based company will be made on reaching the first target in a clinical trial for its cancer drugs.

[AP / Expatica]

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