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Biotech Novagali in takeover talks, mulls IPO -paper
April 14, 2010 / 10:12 AM / in 8 years

Biotech Novagali in takeover talks, mulls IPO -paper

PARIS, April 14 (Reuters) - French ophthalmology company Novagali is in talks with drugmakers including Sanofi-Aventis (SASY.PA) that could lead to a takeover and is mulling an initial public offering, a French newspaper said on Wednesday.

A Sanofi-Aventis spokesman said the company did not comment on merger and acquisition activity.

No one at Novagali was immediately available for comment.

Novagali Chief Executive Jerome Martinez was quoted as saying in Les Echos newspaper that the company had enough cash until the end of this year and that it would seek extra funding this summer.

Les Echos said Novagali was looking to raise between 20 million and 30 million euros ($41 million).

Sanofi-Aventis last year bought eye disease specialist Fovea, entering what it called at the time a dynamically growing market as the population ages. ($1=.7322 Euro) (Reporting by Caroline Jacobs, editing by Will Waterman)

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