Not exactly encouraging -
Shares in genomics company Genset (005433: news, msgs) (GENXY: news, msgs) fell on Wednesday after it said it has signed a multi-year subscription agreement to use the databases of Celera Genomics (CRA: news, msgs) .
The financial terms of the deal were not disclosed, but Genset president Andre Pernet said in a statement: "The quantity and quality of the data in Celera's databases should enable us to accelerate and reduce the costs our genomics research".
"This will allow us to focus our time and resources on adding functional and medical information to genomics data," he said.
Market participants balked at the fact that Genset, known for its genomics research platform, was paying to acquire Celera's data.
"They're still seen as a leading genomics company, and yet they're buying information from Celera," said Jan Breijne, a Brussels-based analyst for ING Barings. "Maybe it fits into their strategy, but it could also be seen as meaning that their in-house research is not that good."
Pernet's appointment last summer, to replace Genset founder Pascal Brandys, signaled a change in strategy from genomic research to product development.
The first such compound, Famoxin, for obesity treatment, is due to enter clinical trials in the fourth quarter. Genset wants to sell it for €25 million by year's end, once Phase I tests are completed.... |
