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UPDATE 1-Roche to buy biotech co Memory Pharma for $50 mln
November 25, 2008 / 7:21 AM / 9 years ago

UPDATE 1-Roche to buy biotech co Memory Pharma for $50 mln

(Writes through, adds details)

ZURICH, Nov 25 (Reuters) - Roche Holding AG ROG.VX has agreed to buy biotech company Memory Pharmaceuticals Corp MEMY.O for about $50 million in cash, the Swiss drugmaker said on Tuesday.

Roche will start a tender offer for all outstanding Memory common stock at $0.61 per share, a premium of 319 percent to its closing price on Monday.

Memory develops drugs for the treatment of debilitating central nervous system disorders such as Alzheimer’s disease and schizophrenia. Roche already partners Memory drug candidates for treating those diseases.

Big pharmaceuticals makers like Roche, facing the loss of exclusivity on key products and ever-tougher development and approval processes, have been keen to invest in promising biotech drugs by acquisition or licensing deals to bolster their pipelines of new drugs. (Reporting by Sam Cage; Editing by David Holmes)

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