Medeva Exits Cancer Market
Medeva Exits Cancer Market
Medeva of the UK has divested its May 1993 acquisition Ribose-pharm to Klinge Pharma for 121.6 million Deutschemarks ($82.7 million). It had paid 125.5 million marks for the firm. The move takes Medeva out of the oncology field, which it was hoped would be developed into a core therapeutic area as a result of the German acquisition.
Bill Bogie, chief executive at Medeva, said: "we have decided that oncology will not become a core business for Medeva. It makes sense now to redirect the proceeds from this disposal into some other attractive opportunities we are currently seeing."
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