Danish Biomonitor buys Neutekbio for €7 million
This article was originally published in Scrip
Executive Summary
Denmark's Biomonitor has bought Neutekbio, an Irish company focused on reporter gene technology, for more than €7 million. Neutekbio's largest stakeholder Growcorp, Ireland's first private company with an investment fund targeted specifically at the bioscience sector, will hold a 6% stake in Biomonitor. Galway-based Neutekbio has developed iLite, cell-based assays and kits that measure biological activity of cytokines such as interferons and neutralising antibodies to IFN and TNF-alpha antagonists. These assays are essential for monitoring drug profiles and the potential of immunogenicity of biopharmaceutical drugs throughout the entire development and postmarketing testing. Arsalan Kharazmi, Biomonitor CEO, said the acquisition would make Biomonitor the leading theranostic company. The Danish company, which has developed assays to monitor antibodies to several anti-inflammatory drugs, will continue the R&D and manufacturing operations in Ireland. Sunstone Capital, a Nordic early-stage venture capital investor, will provide funding for the acquisition. Growcorp has invested €3 million in Neutekbio since 2003, while Enterprise Equity and western Development Corporation contributed €1 million each.