Merck to Buy GlycoFi, Abmaxis for $480M
Tuesday May 9, 9:38 am ET
Merck & Co. Agrees to Acquire GlycoFi for $400 Million, Abmaxis for $80 Million Cash
WHITEHOUSE STATION, N.J. (AP) -- Pharmaceutical company Merck & Co. Inc. said Tuesday it agreed to acquire GlycoFi Inc., a privately held biotechnology company, for $400 million in cash.
The deal is expected to close in the second quarter. GlycoFi specializes in yeast glycoengineering and optimization of biologic drug molecules. Glycoengineering provides the ability to make certain proteins from yeast in a quicker and more cost-efficient way than other current methods, Merck said.
GlycoFi is based in Lebanon, N.H., and has about 55 employees.
Merck and GlycoFi have been partners since 2005, when they established a relationship to develop novel biologic and vaccine candidates.
Separately, Merck said it will acquire Abmaxis Inc., a private biopharmaceutical company, for $80 million in cash. The deal is also expected to close in the second quarter. Seven Hills Partners LLC served as financial adviser to Abmaxis during the transaction.
Founded in 2000 and based in Santa Clara, Calif., Abmaxis optimizes and humanizes antibodies for human therapeutics and diagnostics. It collaborated with Merck beginning in 2004 to reengineer a Merck human monoclonal antibody.
Shares of Merck added 7 cents to $34.52 during morning trading on the New York Stock Exchange.
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