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Business

Solvay Will Acquire Innogenetics

May 5, 2008 | APPEARED IN VOLUME 86, ISSUE 18

Solvay will acquire Innogenetics for about $280 million, a 53% premium to the diagnostics company's stock market value before the deal was announced. Solvay already owns a 7% stake in Innogenetics, purchased when the two Belgian companies formed an R&D pact in 1997. Solvay says it will preserve the autonomy of Innogenetics, which recently decided to focus on diagnostics and divest its GENimmune immune therapeutics subsidiary. Solvay says the purchase will help it develop therapeutics by using biomarker and diagnostics technologies.

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