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Bayer Acquires Biotech Company

9:24 AM MDT | September 22, 2008 | Chemical Week Editorial Staff

Bayer HealthCare says it has acquired biotechnology company Direvo Biotech (Cologne) for €210 million ($298 million). Direvo specializes in protein engineering and “strengthens the research competence in biologics of the pharmaceuticals division Bayer Schering Pharma,” Bayer HealthCare says. The deal is scheduled to close at the end of this month. Bayer HealthCare plans to integrate Direvo’s R&D personnel into Bayer Schering Pharma’s drug discovery organization. Separately, Bayer’s share price rose again last week on...

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