Devgen divests pharmaceuticals unit

Belgian life sciences firm Devgen intends to divest its pharmaceuticals unit in order to focus on its agro-activities. Through its research applications in Belgium, Devgen says it has developed a unique technology position in crop protection and has grown to a fully-integrated trait and seed business in Asian growth markets.

Meanwhile, the Ghent-based firm's drug division focuses on the development of a novel class of preclinical drug candidates for the treatment of inflammatory diseases. Devgen took this decision to offer its promising agro division the maximal growth opportunities. Both units require substantial investments and, in this stage of their development, do not have synergies any longer. The pharmaceutical activities furthermore carry a substantially higher risk profile.