Biovitrum completes acquisition of Cambridge Biotechnology Ltd
An extra annual general meeting of the shareholders in Biovitrum AB has taken the formal decisions required to complete the acquisition of Cambridge Biotechnology Ltd (CBT). As a wholly owned subsidiary of Biovitrum, CBT will be included in the Group's accounts effective April 18. CBT's drug discovery operations focus on obesity, pain and inflammation.
The company's projects are at an advanced stage, with one currently in the clinical phase and another expected to enter Phase I in 2006. As a Biovitrum subsidiary, CBT will continue to operate as an autonomous and innovative R&D unit, based in Cambridge, in the UK.
"The acquisition of CBT is in line with our core business-development strategy and is significant for Biovitrum. We are developing our therapeutic base and this acquisition provides us with a direct connection into one of Europe's most interesting research and biotech clusters," says Mats Pettersson, CEO of Biovitrum.
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