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Novartis aims to acquire all of Speedel

The Basel pharmaceutical group Novartis plans to fully acquire a research partner – the biotech company Speedel - for about SFr907 million ($882 million).

This content was published on July 10, 2008 - 09:34

Novartis announced on Thursday that in a first step it had raised its stake in Speedel, which has a number of projects targeting heart disease, by 51.7 per cent to 61.4 per cent.

In a statement, Novartis said it had bought the shares from major Speedel shareholders – including 21.5 per cent from Speedel chief executive Alice Huxley – for SFr130 per share in cash.

It said it would offer the same price to shareholders for the remaining stake.

The two companies have worked together to develop a hypertension treatment that became the first new medicine for high blood pressure in more than a decade.

Novartis says the Speedel pipeline provides access to many research and development projects targeting heart disease.

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