The Cross-Border Biotech Blog

Biotechnology, Health and Business in Canada, the United States and Worldwide

Monday Biotech Deal Review: December 14, 2009

In this week’s biotech deal review, some stimulus money finds its way to biotech, some M&A finds its way to shareholders’ votes, the NRC-BRI finds its way to two deals, and Patheon finds itself entering a new fiscal year a bit less burdened.  Even some securities may find their way into the market…

Government at Work

Sales Season!

Securities

MDS Analytical Technologies Sale Faces More Analysis

MDS Inc.‘s (TSX:MDS) (NYSE:MDZ) sale of its Analytical Technologies business to Danaher Corporation (NYSE: DHR) has hit a bit of a road bump.  Part of that business is a joint venture between MDS and PerkinElmer, which required PerkinElmer’s consent to assign.  PerkinElmer has not granted that consent and, in fact, has now filed a Notice of Application seeking

“a range of alternative possible remedies: court direction with respect to the development of protocols to enforce key provisions of the joint-venture agreement between MDS and PerkinElmer; an injunction preventing enforcement of provisions of the MDS Analytical Technologies/Danaher sale agreement, which provide for MDS’s retention of the joint venture; or an interim and permanent injunction preventing the completion of the sale of MDS Analytical Technologies business to Danaher.”

MDS says it “believes it has a strong position and, if necessary, intends to defend this claim.”

More M&A – Shareholders, Start Your Proxies…

Licensing

Privately-held Alethia Biotherapeutics Inc. is sewing up rights to reagents to detect Clusterin, a tumor biomarker, this time picking up rights to a Clusterin-binding peptide from the NRC Biotechnology Research Institute (NRC-BRI, everywhere this week!) to match its earlier in-license of anti-Clusterin antibodies.

Patheon Denoument

Patheon, in the lead-up to its FY2009 results this Friday, is engaged in some post-take-over-battle clean-up.  Last week, it settled the JLL Partners litigation (paying $1.5 million), and this week it announced its plans for its facilities in Puerto Rico and announced that Viso had withdrawn his request for a special meeting.

Thanks again to Jacob Cawker for help with this week’s Deal Review!

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4 responses to “Monday Biotech Deal Review: December 14, 2009

  1. Pingback: Monday Biotech Deal Review: January 4, 2010 « The Cross-Border Biotech Blog

  2. Pingback: Monday Biotech Deal Review: January 18, 2010 « The Cross-Border Biotech Blog

  3. Pingback: Monday Biotech Deal Review: February 1, 2010 « The Cross-Border Biotech Blog

  4. Pingback: Monday Biotech Deal Review: February 22, 2010 « The Cross-Border Biotech Blog

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