Biogen to Spin-Off Hemophilia-Focused Company Called Bioverativ.
11 August 2016 - US-based biotechnology company Biogen (NASDAQ: BIIB) will spin-out a new standalone, publicly-traded global biotechnology company called Bioverativ that it expects to launch in early 2017, the company said.
Biogen announced its intent to spin-off its hemophilia business in May 2016.
Bioverativ will be focused on the discovery, research, development and commercialization of treatments for hemophilia and other blood disorders.
Following completion of the spin-off, Bioverativ plans to trade under the symbol BIVV on the NASDAQ Stock Market.
Bioverativ will continue commercialisation of Eloctate and Alprolix, indicated for the treatment of hemophilia A and B, respectively, under Biogen's existing collaboration agreement with Swedish Orphan Biovitrum AB.
After the spin-off, Bioverativ expects to continue development of Eloctate and Alprolix, including conducting studies to explore the potential benefits of Fc fusion technology on long-term joint health, immunogenicity and immune tolerance induction in hemophilia patients who develop inhibitors.
Bioverativ will also focus on advancing pipeline programs that address areas of unmet need in hemophilia and other blood disorders, including programs studying longer-acting factor therapies that utilize XTEN technology, a non-factor bi-specific antibody programme to treat patients with hemophilia A and patients with inhibitors, and gene therapy programs for hemophilia A and B, as well as ongoing research relating to sickle cell disease.
The spin-off is planned to be completed in early 2017, subject to the satisfaction of certain conditions, including, among others, final approval of Biogen's board of directors, receipt of a favourable opinion with respect to the tax-free nature of the transaction, and the effectiveness of a form 10 registration statement that is filed with the US Securities and Exchange Commission.
Bioverativ's logo and visual identity will be unveiled at a later date.
Founded in 1978, Biogen is one of the world's oldest independent biotechnology companies and a specialist in multiple sclerosis and hemophilia therapies.
Deal size in USD:
Buyer advisor: , ,
Comment: Biogen decides on name, Bioverativ, of soon-to-be spun-off hemophilia business. New public company to launch in early 2017
|Printer friendly Cite/link Email Feedback|
|Publication:||M & A Navigator|
|Date:||Aug 11, 2016|
|Previous Article:||State, Federal Banking Regulators Clear Chemical Financial to Close USD 1.4bn Merger with Chemical Financial.|
|Next Article:||Cavium Extends USD 1.36bn Exchange Offer for Shares of Networking Infrastructure Solutions FIrm QLogic.|