Russian biotechnology firm Biocad seeks buyers: report
27 Jun 2013
Russian biotechnology company Biocad is seeking to sell itself, Bloomberg today reported, citing two sources.
The closely-held company has hired William Blair & Co. to conduct the sale process, which isreportd to be in its final stages, said the report.
US drug giant Pfizer Inc and Amgen Inc, the world's biggest biotechnology company, are two of three remaining bidders for the St. Petersburg-based company, which is valued between $750 million and $1 billion, the report added.
Like Biocad, both Pfizer and Amgen are working onbiosimilars, which are copies of branded biological drugs.
Founded in 2001 by Dmitry Morozov, Biocad focuses on the development of original and generic drugs in the therapeutic areas of urology, gynecology, dermatology, oncology, hematology, autoimmune and infectious diseases.
The company's products are developed at its research and development unit, The Center of Immunology Engineering located in the Moscow region.
It has one drug each in reproductive h and autoimmune disease, three drugs in viral infections and nine drugs in hematology and oncology.
OAO Gazprombank acquired a controlling stake in Biocad in 2011, which then valued the company at $250 million to $300 million.
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