Merck Sells Ban­ga­lore GeNei to Founder

Deal val­ued at be­low .₹ 10 cr, less than a 3rd of its pur­chase price

The Economic Times - - Companies - Vikas.Dan­dekar@ times­group.com

Mum­bai: Ger­man phar­ma­ceu­ti­cal and life sciences com­pany Merck has sold Ban­ga­lore GeNei, a firm that de­vel­ops prod­ucts for bi­o­log­i­cal re­search, back to its founder S Chan­drashekaran as part of an asset pur­chase deal.

The deal is val­ued at be­low .₹ 10 crore, less than a third of its pur­chase price. The $13 bil­lion Euro­pean com­pany had ac­quired the unit in 2009 for about .₹ 35 crore from Tamil Nadu-based San­mar Spe­cialty Chem­i­cals, which had bought the busi­ness six years ear­lier. Merck de­cided to de­com­mis­sion ac­tiv­i­ties at the site in July last year. The de­ci­sion to off­load Ban­ga­lore GeNei was prompted by Merck’s ac­qui­si­tion of Sig­maAldrich for $17 bil­lion last year as part of a global deal. Chan­drashekaran told ET that his com­pany Pushkar Bio­science has ac­quired the man­u­fac­tur­ing fa­cil­i­ties of GeNei. He is as­so­ci­ated with a range of star­tups in ge­nomic, pro­teomic and clin­i­cal re­search. “We will re­tain the GeNei brand and con­tinue to sup­ply qual­ity reagents to cus­tomers while adding new prod­ucts to ex­pand the busi­ness be­yond do­mes­tic mar­ket,” he said.

Ban­ga­lore GeNei, re­branded as GeNei, is likely to cre­ate in­no­va­tive plat­form tech­nolo­gies for devel­op­ment and man­u­fac­ture of new reagents, pep­tides, biophar­ma­ceu­ti­cals and di­ag­nos­tic reagents or kits.

In­dus­try ex­ec­u­tives fa­mil­iar with the mat­ter said that the com­pany will also fo­cus on devel­op­ment of pre-clin­i­cal stage biosim­i­lars, new molec­u­lar and pro­tein­based di­ag­nos­tics for neu­ro­log­i­cal dis­abil­i­ties like autism.

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