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Roche starts acquisition process of ARIUS to gain access to new screening platform for antibody therapeutics

25 Jul 2008 - Roche and ARIUS Research Inc. announced that the two companies have signed a definitive agreement for Roche to acquire ARIUS in an all-cash transaction at a price of approximately C$191 million. ARIUS is the developer of a proprietary antibody platform called FunctionFIRST(TM), which rapidly identifies and selects antibodies based on their functional ability to affect disease before progressing into clinical development. According to the company, the FunctionFIRST(TM) platform will allow Roche to further strengthen its developmental portfolio, initially within the areas of oncology and inflammatory diseases where this new technique offers potentially broad therapeutic applications.
 
"ARIUS' promising platform and early pipeline of new antibody candidates represent an excellent fit with our own progressing research in the fields of cancer and immunology," said Lee Babiss, Head of Global Research at Roche. "The FunctionFIRST(TM) approach provides us with a large library of antibodies from which we can identify the best new drug candidates for the development of clinically differentiated medicines."
 
Roche will pay C$2.44 for each common share of ARIUS Research Inc. This price represents a 15% premium to the closing price on 22 July 2008 and a 44% premium to the 20-day volume-weighted average closing price ending 15 May 2008 (the last trading day prior to ARIUS' announcement that third parties have shown interest in the company and its technologies). Roche will also acquire all of the issued and outstanding warrants of ARIUS. Roche will pay C$1.44 for each Class F Warrant and C$1.78 for each Class G Warrant. Additional information regarding the deal structure will be set out in the management information circular to be provided to shareholders and warrant holders.