BioChem Pharma Targeting Major Acquisition In USA

20 November 1998

BioChem Pharma of Canada is planning to play a major part in theconsolidation of the pharmaceutical industry by possibly acquiring "up to a $1-billion company" in the USA, according to its chief executive Francesco Bellini.

Dr Bellini told The Globe and Mail that "in Canada, we don't see companies that fit our technology base" and a deal in the USA is likely, though BioChem is also interested in expanding its operations in Europe. He said that the company is looking to grow "in the fields we know best like cancer, antiviral and bacterial," adding that he does not want to diversify "because then I can't compete with the multinationals." Biochem is planning to exit its diagnostics businesses in order to focus on its more profitable therapeutic divisions which have developed drugs such as lamivudine.

BioChem is also planning to invest $200-$300 million in developing its vaccine group, which Dr Bellini claims "will make us famous in five years." The group's first product, a nasally-delivered vaccine for influenza, is expected to be launched in two years' time.

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