Nanohale AG Acquires R&D And Service Units Of Scil Technology GmbH: Transaction Creates New Nanohale Subsidiary Named Formycon GmbH
Scil Technology GmbH and Nanohale AG today announced that Nanohale has acquired the entire R&D, contract development and manufacturing organization of Scil Technology GmbH in an asset deal, effective December 31, 2011. Employees and inventory of Scil Technology GmbH have become part of Formycon GmbH, a fully-owned subsidiary of Nanohale AG. The rights to the tissue regeneration projects, which were out-licensed by Scil Technology to Medtronic, Inc. and Sanofi, will remain with Scil Technology GmbH, which will be sustained as an independent company to manage its existing collaborations. Financial details have not been disclosed.
Scil Technology has strong expertise in protein drug development, formulation and analytics, which is highly complementary to Nanohale´s existing protein formulation platform and will enable Nanohale to strengthen its biopharmaceutical development expertise.
"The transaction is an excellent exit opportunity for our investors at BioNet Holding, following the out-licensing of our clinical dental lead project to Medtronic in 2008 and our preclinical orthopedics lead project to Sanofi in 2011," said Christian Nafe, CEO of Scil Technology. "We have chosen Nanohale as a partner because of the perfect fit and the strategic concept of the company. Nanohale will be able to make optimum use of Scil Technology´s expertise and platform for both internal drug development and external R&D services."
"Restructuring the capabilities together with the tremendous experience of the company in drug development helped Scil Technology to become an interesting partner in the market," added Klaus Binder, COO of Scil Technology. "Establishing the formycon business unit to bundle the core competence of Scil Technology in drug product development and analytics has been decisive to convince potential exit partners."
"We are very pleased about the transaction. It clearly demonstrates that a significant value has been created by Scil Technology´s management over the past couple of years," said Brian Hunter, Managing Director of BioNet Holding. "We continue to be fully committed to our investments in Scil Proteins, Scil Proteins Production, Scil Animal Care Company and Scil Technology, the latter of which will be dedicated to the Sanofi and Medtronic collaborations."
"We are very excited about this acquisition," exclaimed Dr. Nicolas Combé, CFO of Nanohale AG. "Over the past years, Scil Technology has been able to complete numerous projects with big-name corporate partners with remarkable success. The completion of this transaction marks a significant broadening of the product and service portfolio of the Nanohale Group, and will facilitate the further transition from a pure technology-based company into a globally operating specialty pharma company."
About Nanohale
Nanohale AG, founded in 2007 in the German city of Dortmund, develops innovative new formulations of pharmaceuticals for which there is significant clinical demand. The company aims to become one of the leaders in biopharmaceutical development, with a particular focus on proteins and peptides. Its business model to achieve this goal, which centers on identifying market opportunities on a regional basis and rigorously driving these through to commercialization, will in the future increasingly involve the fast-track development of its own proprietary product pipeline, along with the in-house expertise in next-generation pharmaceutical formulation needed for this. Nanohale will, in addition, continue to concentrate on biopharmaceuticals, including both medications already on the market and new substances, with the medium-term objective of developing new forms of administration which are therapeutically more effective and better tolerated by patients.
About Scil Technology GmbH
Scil Technology is a privately held German biopharmaceutical company with strong expertise in the development of biopharmaceutical therapeutics and with special know-how in demanding formulations. The company has been established by the late Stefan Engelhorn in 1999. Scil Technology´s development expertise encompasses medical devices, pharmaceutical drugs and regenerative medical products.
In 2008, following successful completion of Phase II studies, Scil Technology out-licensed its program in the field of dental implantology and periodontal diseases to Medtronic Inc. An advanced preclinical program for cartilage regeneration suitable for the treatment of osteoarthritis and osteochondral defects was out-licensed to Sanofi in 2011.
Scil Technology, a wholly owned subsidiary of BioNet Holding, is located in Martinsried, Germany. For further information please visit: http://www.sciltechnology.com
SOURCE: Scil Technology