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Memory Pharmaceuticals in the US, which specialises in the development of debilitating disorders of the central nervous system, is to be bought by Roche for $50 million.
Roche Pharmaceuticals Chief Executive William Burns said the deal would secure the future development of Memory’s promising nicotinic alpha-7 agonists.
He said that “the innovative work carried out by the scientists at Memory will be fully integrated into Roche’s R&D portfolio”.
Memory’s na-7 candidates are already in partnered programmes with Roche: R3487/MEM 3454 is in Phase II for Alzheimer’s disease and schizophrenia, and R4996/MEM 63908 is in Phase I for Alzheimer’s.
Meanwhile, the market is still waiting for the outcome of Roche’s $43.7 billion (£28.4 billion) bid to buy the 44.1% it does not already own in Genentech.
Although that offer was rejected as being too low, Roche says it was still committed to the deal and is hoping to negotiate a settlement.
Copyright © Press Association 2008