According to Thomson Financial, 2005 was an especially busy year for mergers and acquisitions in The States, with deals across all industry sectors adding up to more than $1 trillion, the highest since 2000. Moreover, Thomson stated that M&A activity in the life sciences sector rose 42 percent last year, making it an extremely lively area. We’ve certainly seen that activity reflected in the biotech and specialty pharma M&As that occurred in 2005 – especially in the number of big pharma buyouts of biotech companies.
There was plenty of action in the pharmaceutical M&A arena in 2005 – and some of the deals turned into high-profile bidding wars that made the headlines almost daily. But most of the hullabaloo concerned medical device makers. There was also a flurry of activity by generic drug companies looking to grab more market clout. In contrast, most of the biotech and specialty pharma deals proceeded quietly – though even here a handful caught their share of headlines.
All told, though, perhaps the most notable trend in M&As last year was the significant uptick in big pharma acquisitions of biotech firms. Over the course of the year, there were 23 such deals – a huge jump from the average annual tally of 5 to 7 biotech/big pharma M&As. (We’ll analyze some, but not all, these deals below.) As well, two more such deals were announced in January 2006, meaning that we could be off to another record year.
Of all the big pharma houses, Pfizer Inc. was the most acquisitive in 2005. In the first quarter, it shelled out $527 million to acquire Angiosyn Inc., a small company with a preclinical-stage program in macular degeneration. Although the angiostatic drug candidate hadn’t yet made it into clinical trials, the program fits nicely with Pfizer’s growing franchise in ophthalmology. The pharma giant’s initial foray into diseases of the eye occurred in December 2002, when it signed a broad-reaching collaboration with Eyetech Pharmaceuticals Inc. to jointly develop and commercialize Macugen, the biotech’s then-late-stage drug candidate for wet age-related macular degeneration (AMD) and diabetic macular edema. The FDA approved Macugen for wet AMD in December 2004, the first drug approved for treating all forms of this blinding disease, including occult, minimally classic and predominantly classic lesion subtypes.
The following summer, Eyetech merged with OSI Pharmaceuticals Inc. in a pricey deal that had many analysts puzzled, for it didn’t seem a logical fit. OSI, which now co-promotes the drug with Pfizer in the U.S., reported sales of $185 million in 2005, so this drug has a ways to go before it can be considered a major moneymaker. Still, Pfizer has exclusive rights to commercialize Macugen outside the U.S. and in early February 2006 it was approved in the European Union for wet AMD.
Although not an acquisition, Pfizer’s newly inked agreement with NicOx S.A. also centers on beefing up its ophthalmology franchise. In this case, the pharma gets exclusive rights to use NicOx’ nitric oxide-donating technology across all ophthalmic indications. The March 2006 deal builds on an existing collaboration between the partners, which has already resulted in a promising class of compounds in glaucoma.
But Pfizer didn’t concentrate all its biotech acquisitions in ophthalmology. It also tapped into the expertise of Bioren Inc. – a privately held antibody discovery and optimization company – and Idun Pharmaceuticals Inc. – whose technology focuses on controlling the activity of caspases, a group of proteases that are involved in the apoptosis and inflammation pathways. Idun brought to the table a preclinical pipeline in inflammation and oncology as well as a pan-caspase inhibitor that is in Phase II trials in liver transplantation and in HCV-infected patients – both appealing targets for Pfizer.
Selected M&As In 2005 And Early 2006*
|
Company Acquired
|
Acquired By/
Merged With
|
Date First Announced
|
Date Completed
|
Value
|
|
Abgenix
(NASDAQ:ABGX)
|
Amgen
(NASDAQ:AMGN)
|
12/05
|
1Q:06E
|
$2.2B
(cash)
|
|
Aerogen
(Pink Sheets:AEGN)
|
Nektar Therapeutics
(NASDAQ:NKTR)
|
8/05
|
10/05
|
$32M
(cash)
|
|
Agencourt Bioscience
|
Beckman Coulter
(NYSE:BEC)
|
4/05
|
5/05
|
$140M
($100M cash; up to $40M in contingent payments through 2007)
|
|
American Medical Instruments Holdings
|
Angiotech Pharmaceuticals
(NASDAQ:ANPI; Canada)
|
2/06
|
2Q:06E
|
$785M
(cash)
|
|
American Pharmaceutical Partners (APP)
(NASDAQ:APPX)
|
American BioScience
(ABI; parent of American Pharmaceutical Partners)
|
11/05
|
1H:06E
|
$4.1B
(stock)
|
|
Artesian Therapeutics
|
Cardiome Pharma
(NASDAQ:CRME; Canada)
|
8/05
|
10/05
|
US$64M
(cash)
($32M total in cash for each of first 2 drug programs that reach NDA
approval; money dispersed on clinical milestones)
|
|
Berna Biotech
(Swiss exchange: BBIN; Switzerland)
|
Crucell
(NASDAQ:CRCL; Netherlands)
|
12/05
|
2/06
|
$449.4M
(stock)
|
* Selected transactions that were initiated or completed in 2005 and the first two months of 2006 and whose value was at least $10M. The list does not include M&As that involved business units, divisions, subsidiaries, products, product lines, or facilities.
Pfizer’s major purchase in 2005, however, was in the field of anti-infectives: In September, it closed its $1.9 billon acquisition of Vicuron Pharmaceuticals Inc. that included two advanced drug candidates already under FDA review. That last purchase has already started to pay off, for in late February the FDA approved one of the drug candidates that made Vicuron such an attractive target: The antifungal drug Eraxis (anidulafungin) garnered the agency’s stamp of approval as a treatment for candidemia, a potentially life threatening bloodstream infection.
While no other big pharma acquired so many biotechs last year, several of them were quite active. GlaxoSmithKline plc, for instance, bought long-time partner Corixa Corp. for $300 million in July – mainly for its MPL adjuvant technology for vaccines. GSK also bought Canadian firm ID Biomedical for $1.4 billion in December, also for its vaccines business and manufacturing facility.
Indeed, vaccines were the rage last year – especially for the flu. The surge in interest was prompted largely by widespread fears of a massive influenza pandemic (probably avian flu), as well as previous shortages of vaccines for seasonal flu. ID Biomedical, for instance, was already selling its flu vaccine Fluviral in Canada and was waiting for a go-ahead from the FDA. That product added to GSK’s arsenal, complementing its own flu vaccine Fluarix, which was approved for sale in the U.S. in late August 2005.
This renewed enthusiasm for vaccines prompted Novartis AG to buy up Chiron Corp., another firm involved in flu vaccines. At first, Novartis bid $40 per share (a total of $4.5 billion) to acquire the 57.8 percent of Chiron that it didn’t already own. Chiron’s board, however, flatly rejected that bid as too low. Two months later, the Swiss giant was back with a sweetened bid -- $45 per share (a total of $5.1 billion), which suited Chiron’s board to a tee.
Several prominent shareholders, however, had other ideas: ValueAct Capital, a hedge fund that holds a nine percent stake in Chiron, reportedly has fought this acquisition from the beginning and intends to vote against it at the April 12 shareholders meeting. As well, CAM North America, Smith Barney Fund Management, TIMCO Asset Management, and Solomon Brothers Asset Management collectively hold an 11.9 percent stake and CAM, which advises the others, reportedly said in January 2006 that it opposed the deal.
Selected M&As In 2005 And Early 2006*
|
Company Acquired
|
Acquired By/
Merged With
|
Date First Announced
|
Date Completed
|
Value
|
|
Binax
|
Inverness Medical Innovations
(AMEX:IMA)
|
2/05
|
3/05
|
$53.3M
($42.3M cash & stock on closing; additional $11M possible on milestones)
|
|
BioFocus
(AIM:BIO)
|
Galapagos
(Euronext Brussels:GLPG)
|
9/05
|
10/05
|
$36.7M
(stock)
|
|
BioSource International
(NASDAQ:BIOI)
|
Invitrogen
(NASDAQ:IVGN)
|
7/05
|
10/05
|
$130M
(cash)
|
|
CancerVax
(NASDAQ:CNVX)
|
Micromet
(Germany)
|
1/06
|
2Q:06E
|
$126.7M
(stock)
|
|
Cellective Therapeutics
|
MedImmune
(NASDAQ:MEDI)
|
9/05
|
10/05
|
$160M
(cash; upfront payment and milestones)
|
|
Cellpep
(France)
|
Procyon Biopharma
(TSX:PBP; Canada)
|
1/06
|
3/06E
|
US$33.4M
|
|
Chiron
(NASDAQ:CHIR)
|
Novartis
|
10/05
|
1H:06E
|
$5.1B
(cash)
|
* Selected transactions that were initiated or completed in 2005 and the first two months of 2006 and whose value was at least $10M. The list does not include M&As that involved business units, divisions, subsidiaries, products, product lines, or facilities.
Novartis was apparently so taken with the idea of getting into vaccines that it contemplated buying Swiss firm Berna Biotech AG, which was already in M&A negotiations with Dutch firm Crucell N.V. Crucell is developing vaccines for infectious diseases such as Ebola, malaria, West Nile virus, rabies and, yes, influenza, while Berna focuses more on hepatitis B virus, respiratory and travel vaccines. Combining the two seemed a natural. But Novartis reportedly went as far as performing due diligence on Berna. In the end, though, it never made a formal counter offer to Crucell’s $449 million all-stock bid and Crucell emerged the winner.
Rumors often seem to swirl around Novartis – and lately it’s also been hinted that the Swiss giant might be mulling the purchase of Serono S.A., which has been “exploring strategic alternatives” since November. At this time, though, not only has Novartis not stepped forward, but also neither has any other pharmaceutical major – leaving Serono’s future in limbo. Reportedly, Serono attracted the interest of several big pharmas at the outset, but none was willing to pay its $15 billion asking price. It’s yet to be seen if Serono will lower the price, consider a stock swap instead of an all-cash deal, or even drop the plan entirely.
Another Swiss pharma, Roche, made but one biotech purchase in 2005: In July, it paid about $181 million to acquire a small Swiss firm, GlycArt Biotechnology AG. Through this deal, Roche gained a cutting-edge technology that enhances the efficacy of antibodies by engineering their carbohydrate moieties. It fits snugly with Roche’s current focus on therapeutic antibodies and proteins, which already make up a large part of its product portfolio.
Three Japanese pharmaceutical houses joined in the M&A game in 2005: Kyorin Pharmaceutical Co. bought ActivX Biosciences Inc. for $21 million to expand its global R&D network and Sosei Co. Ltd. paid almost $190 million to acquire clinical-stage firm Arakis Ltd. As well, Takeda Pharmaceutical Co. Ltd. established a presence in San Diego when it paid $270 million to acquire X-ray crystallography expert Syrrx Inc.
Among other big pharma/biotech M&As in 2005, AstraZeneca plc stepped up to the plate in late December and shelled out $210 million to acquire KuDOS Pharmaceuticals Ltd., a U.K.-based firm with expertise in cancer drugs that will boost the pharma’s own oncology portfolio by adding clinical and pre-clinical compounds. That made the fourth deal (but the only acquisition) for AstraZeneca in December: It also signed a potential $1 billion alliance with AtheroGenics Inc. to develop AGI-1067, an anti-inflammatory cardiovascular drug candidate now in Phase III clinical trials in atherosclerosis. The small molecule drug selectively blocks signaling pathways within the endothelial cells that line blood vessels. This action inhibits production of molecules involved in the inflammatory process, such as VCAM-1, thus preventing the start of the inflammatory process.
AstraZeneca also signed a smaller deal with Protherics plc to develop and commercialize the biotech’s product CytoFab, which AstraZeneca will take into Phase III trials in 2007. CytoFab, an ovine polyclonal antibody fragment to tumor necrosis factor-alpha, is being tested in cases of severe sepsis. And, the pharma inked a collaboration with neuronal nicotinic receptor specialist Targacept Inc. for the development and commercialization of the Phase II compound TC-1734 for treating Alzheimer’s disease, cognitive deficits in schizophrenia and other cognitive disorders.
While Novartis made a significant decision to get involved in vaccines (a field in which it had no presence until its bid for Chiron), the Swiss company’s big push in 2005 was to beef up its generics business, now known as Sandoz. In February it bought German generic drug maker Hexal AG and U.S. firm Eon Labs Inc. for a combined total of $8.3 billion. The deals put Sandoz at the top of the generics crowd, but it got displaced by Teva Pharmaceuticals Industries Ltd.’s $7.4 billion purchase of Ivax Corp., which was completed in January 2006.
The generic drug sector is growing in other parts of the world, too. And not only in India. For instance, Australian company Sigma Chemical Ltd. merged with fellow Australian Arrow Pharmaceuticals Ltd. in December to form Sigma Pharmaceuticals Ltd., a major generics player down under.
Selected M&As In 2005 And Early 2006*
|
Company Acquired
|
Acquired By/
Merged With
|
Date First Announced
|
Date Completed
|
Value
|
|
Cita NeuroPharmaceuticals
(Canada)
|
Vernalis
(LSE:VER; U.K.)
|
11/05
|
12/05
|
US$64.5M
($29.5M in stock initially; up to $35M in cash or stock, on milestones)
|
|
Control Delivery Systems
|
pSivida Ltd.
(ASX:PSD; Australia)
|
10/05
|
12/05
|
US$86.4M
(stock)
|
|
Diagnostic Systems Laboratories
|
Beckman Coulter
(NYSE:BEC)
|
10/05
|
10/05
|
$138M
(cash)
|
|
Douglas Laboratories
|
Atrium Biotechnologies
(TSX:ATB; subsidiary of AEterna Zentaris; TSX:AEZ)
|
-----
|
12/05
|
US$92M
(stock & cash)
|
|
Eyetech Pharmaceuticals
(NASDAQ:EYET)
|
OSI Pharmaceuticals
(NASDAQ:OSIP)
|
8/05
|
11/05
|
$829.7M
(stock & cash)
|
|
FEI Women’s Health
|
Duramed Pharmaceuticals
(subsidiary of Barr Pharmaceuticals; NYSE:BRL)
|
10/05
|
11/05
|
$281.5M
(cash)
|
|
Gastrotech Pharma
(Denmark)
|
DOR BioPharma
(AMEX:DOR)
|
11/05
|
ND
|
$39M
($9M in stock on closing; additional $30M in cash or stock on milestones)
|
* Selected transactions that were initiated or completed in 2005 and the first two months of 2006 and whose value was at least $10M. The list does not include M&As that involved business units, divisions, subsidiaries, products, product lines, or facilities.
While there was a significant amount of consolidation among generic drug manufacturers in 2005, the bidding wars occurred in the medical device arena.
Particularly noteworthy was the battle over cardiovascular device maker Guidant Corp. Johnson & Johnson, eyeing Guidant’s implantable pacemakers and defibrillators, originally proposed to buy the company for $24.2 billion in stock and cash way back in December 2004. Eleven months later, it revised its terms, lowering the overall price to $21.5 billion because it believed that Guidant’s numerous product recalls and related regulatory investigations and other issues had lowered the value of the company.
Apparently Boston Scientific Corp. didn’t share Johnson & Johnson’s concerns, because it jumped into the game in December 2005 and offered to buy Guidant for $25 billion in stock and cash, a premium of about 14 percent over Johnson & Johnson’s offer. After that move, the bidding war was on -- a war that Boston Scientific won with a final bid of $27 billion. The deal is expected to close late this month.
Selected M&As In 2005 And Early 2006*
|
Company Acquired
|
Acquired By/
Merged With
|
Date First Announced
|
Date Completed
|
Value
|
|
Genaissance Pharmaceuticals
(NASDAQ:GNSC)
|
Clinical Data
(NASDAQ:CLDA)
|
6/05
|
10/05
|
$56M
(stock)
|
|
GeneOhm Sciences
|
Becton, Dickinson
(NYSE:BDX)
|
1/06
|
2/06
|
$255M
($230M upfront and up to $25M in additional incentives)
|
|
GlycArt Biotechnology
(Switzerland)
|
Roche Holding
(SWX:ROG)
|
7/05
|
7/05
|
$180.9M
(cash)
|
|
Greenwich Therapeutics
|
VioQuest Pharmaceuticals
(OTCBB:VQPH)
|
7/05
|
10/05
|
$16.3M
(stock & warrants, half at closing, half on milestones)
|
|
Icoria
(OTCBB:ICOR)
|
Clinical Data
(NASDAQ:CLDA)
|
9/05
|
12/05
|
$12.5M
(stock)
|
|
ID Biomedical
(TSX:IDB; NASDAQ:IDBE; Canada)
|
GlaxoSmithKline
(NYSE:GSK)
|
9/05
|
12/05
|
US$1.4B
(cash)
|
|
Inamed
(NASDAQ:IMDC)
|
Medicis Pharmaceutical
(NYSE:MRX)
|
3/05
|
12/05
TERMINATED
|
$2.8B
(stock & cash)
|
* Selected transactions that were initiated or completed in 2005 and the first two months of 2006 and whose value was at least $10M. The list does not include M&As that involved business units, divisions, subsidiaries, products, product lines, or facilities.
Though not as heated as the bidding war for Guidant, the battle between Medicis Pharmaceutical Corp. and Allergan Inc. for control of Inamed Corp. also grabbed some press. Specialty pharma Medicis originally agreed to merge with Inamed in March 2005 in a deal valued at $2.8 billion. It seemed to be a good match, too: Medicis specializes in treating dermatological conditions and also develops aesthetics medicines. Inamed also deals in aesthetics – including breast implants, dermal products for facial wrinkles and devices for obesity intervention.
The merger was set to close by the end of 2005, but before that could happen, Allergan jumped in with a higher bid for Inamed -- $3.2 billion in stock and cash. Because Allergan makes Botox anti-wrinkle products and cosmetic medicines, this combination was also a good fit, and Inamed’s board voted for the higher bid.
The biotech and specialty pharma sector hasn’t experienced any internal bidding wars, but there was still plenty of M&A activity last year. (Many of the deals are included in the tables in this article.)
The most prominent inter-biotech deal was Amgen Inc.’s $2.2 billion purchase of long-time partner Abgenix Inc. Though not yet complete, this deal provides Amgen with full ownership of the partners’ co-developed antibody therapy panitumumab and also eliminates the royalties it would have owed Abgenix on a second compound, denosumab (being developed for bone loss, including osteoporosis).
Panitumumab, an inhibitor of the epidermal growth factor receptor, is being tested as a first-line treatment for metastatic colorectal cancer (in combination with other agents); Amgen believes it represents a substantial commercial opportunity, too, and filed a BLA for this indication in December 2005.
Amgen also gets Abgenix’ 100,000 square foot manufacturing facility in the San Francisco Bay Area and control over the company’s XenoMouse technology for making fully human monoclonal antibodies. Amgen didn’t state the value of these assets, but in the long term they may prove to be an even shrewder buy than panitumumab (which is projected to bring in as much as $2 billion annually when approved for several indications).
Selected M&As In 2005 And Early 2006*
|
Company Acquired
|
Acquired By/
Merged With
|
Date First Announced
|
Date Completed
|
Value
|
|
Inamed
(NASDAQ:IMDC)
|
Allergan
(NYSE:AGN)
|
11/05;
12/05
|
1Q:06E
|
$3.2B
(stock & cash)
|
|
KuDOS Pharmaceuticals
(U.K.)
|
AstraZeneca
|
12/05
|
Early 06
|
$210M
(cash)
|
|
Maxim Pharmaceuticals
(NASDAQ:MAXM)
|
EpiCept
|
9/05
|
1/06
|
$136M
(stock)
|
|
Miikana Therapeutics
|
EntreMed
(NASDAQ:ENMD)
|
12/05
|
1/06
|
$40.8M
($22.8M in stock on closing; up to $18M more on milestones)
|
|
Montigen Pharmaceuticals
|
SuperGen
(NASDAQ:SUPG)
|
1/06
|
3/06E
|
$40M
($18M on closing in stock & cash; $22M in stock on milestones)
|
|
NovaScreen BioSciences
|
Caliper Life Sciences
(NASDAQ:CALP)
|
9/05
|
10/05
|
$30M
($22M upfront in stock & cash; additional $8M contingent on milestones)
|
|
Quadrant Technologies
(U.K.)
|
ML Laboratories
(LSE:MLB; U.K.)
|
6/05
|
7/05
|
$84.5M
(stock & cash)
|
* Selected transactions that were initiated or completed in 2005 and the first two months of 2006 and whose value was at least $10M. The list does not include M&As that involved business units, divisions, subsidiaries, products, product lines, or facilities.
No other biotech/biotech acquisition was so highly valued, but several were quite pricey – including OSI Pharmaceuticals’ $830 million purchase of Eyetech Pharmaceuticals (as discussed above), Genzyme Corp.’s $600 million acquisition of Bone Care International in July and PDL BioPharma Inc.’s $500 million purchase of specialty pharmaceutical company ESP Pharma in March.
As well, specialty pharma Shire Pharmaceuticals Group plc paid $1.6 billion to purchase Transkaryotic Therapies Inc. in July and Cephalon Inc. shelled out $360 million in cash to acquire U.K.-based Zeneus Holdings Ltd. in December.
Selected M&As In 2005 And Early 2006*
|
Company Acquired
|
Acquired By/
Merged With
|
Date First Announced
|
Date Completed
|
Value
|
|
ParAllele BioScience
|
Affymetrix
(NASDAQ:AFFX)
|
5/05
|
10/05
|
$120.8M
(stock & cash)
|
|
Serotec Ltd.
(U.K.)
|
MorphoSys AG
(FSE:MOR; Germany)
|
-----
|
1/06
|
$35.3M
(stock & cash)
|
|
Shenzhen PG Biotech Co.
(China)
|
Qiagen
(NASDAQ:QGEN; The Netherlands)
|
9/05
|
1H:06E
|
US$14.5M
(cash)
|
|
Sirius Laboratories
|
DUSA Pharmaceuticals
(NASDAQ:DUSA)
|
1/06
|
1Q:06E
|
$30M
(stock & cash)
|
|
Target Research Associates
|
Jubilant Organosys Ltd.
(India)
|
-----
|
10/05
|
$33.5M
(cash)
|
|
Xenogen
(NASDAQ:XGEN)
|
Caliper Life Sciences
(NASDAQ:CALP)
|
2/06
|
2Q:06E
|
$80M
(stock & warrants)
|
|
Zeneus Holdings
(U.K.)
|
Cephalon
(NASDAQ:CEPH)
|
12/05
|
12/05
|
$360M
(cash)
|
* Selected transactions that were initiated or completed in 2005 and the first two months of 2006 and whose value was at least $10M. The list does not include M&As that involved business units, divisions, subsidiaries, products, product lines, or facilities.
Cephalon has been an active player in the M&A arena, as has Genzyme. Amgen, of course, has been no slouch: Abgenix will be its fifth acquisition to date. And Zeneus was Cephalon’s fifth purchase, too. But Genzyme has bought 19 companies over the years.
With Bone Care International, Genzyme acquired a complementary line of products and a commercial organization that is intended to strengthen Genzyme’s renal business. In particular, Bone Care International’s Hectoral, a vitamin D2 pro-hormone product, is used to treat secondary hyperparathyroidism in dialysis patients. Hectoral can actually be used in tandem with Genzyme’s Renagel and other phosphate binders. Hectoral can also be used in earlier stages of chronic kidney disease, broadening Genzyme’s presence in the renal care marketplace.
Cephalon, meanwhile, has sped up its entry into the European oncology market through its purchase of U.K.-based Zeneus. Zeneus already markets Myocet, a chemotherapy agent used in late-stage breast cancer; Targretin, for cutaneous T-cell lymphoma; Abelcet, an anti-fungal treatment, and 12 other products. Through its purchase, Cephalon also strengthens its European presence and adds capabilities in clinical research and product registration.
This year has gotten off to a good start, too. (Many of the deals are included in the tables.) In January, we witnessed two big pharma/biotech acquisitions: Becton, Dickinson and Company shelled out $255 million to acquire privately held GeneOhm Sciences Inc., which has developed nucleic acid-based diagnostic assays for the rapid detection of bacteria, including those known to cause healthcare-associated infections such as methicillin-resistant staph and Group B strep.
And Bayer Innovation GmbH, a subsidiary of the Bayer Group, paid an undisclosed amount to buy German firm Icon Genetics AG, which has been developing methods to produce pharmaceuticals in engineered plants.
Biotech and specialty pharma companies have been active, too. The priciest deal in the first two months of 2006 was Angiotech Pharmaceuticals Inc.’s pending $785 million acquisition of privately held American Medical Instruments Holdings Inc., a manufacturer of specialty, single-use medical devices with strength in sales and marketing. According to Angiotech, this purchase will transform the company by adding a commercial platform for its product pipeline in a wide range of therapeutic areas.
As well, microfluidics expert Caliper Life Sciences Inc. is in the midst of an agreement to buy Xenogen Corp. for $80 million in stock and warrants. The move gives Caliper entry into the optical imaging market, a high-growth area that is accelerating drug discovery and development. Along with its earlier acquisitions of screening assay developer NovaScreen BioSciences Corp. (in October 2005) and robotics company Zymark Corp. (in July 2003), Caliper’s technology is now able to address research needs across the board, from test tubes to experimental animals.
That’s just a sampling of what’s been happening so far this year – and there are indications that 2006 will be another very active year for M&A activity in biotech and specialty pharma sector.
|