Neose sells assets to Novo, BioGeneriX

Neose Technologies of the USA says it has signed definitive asset purchase agreements with Danish insulin major Novo Nordisk and BioGeneriX AG, a Germany-based affiliate of Ratiopharm group, for the sale of substantially all of its assets in all-cash transactions for an aggregate purchase price of around $43.0 million.

Novo Nordisk and BioGeneriX are both existing collaborative partners of Neose, with the latter recently moving GlycoPEG-granulocyte-colony stimulating factor into a Phase III trial for the treatment of neutropenia. Novo Nordisk paid an undisclosed milestone to Neose in connection with the use of the US company's GlycoPEGylation technology to develop a next-generation version of Factor IX (Marketletter May 26). Certain intellectual property rights, including those related to producing glycolipids, have been retained by Neose for future disposition, the firm, noted.

Next step contemplated is liquidation