Roche starts acquisition process of ARIUS to gain access to new screening platform for antibody therapeutics

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[{"type":"text","content":"\n\n\n\nBASEL, Switzerland and TORONTO, July 23 /CNW/ - Roche (SWX: ROG) and\nARIUS Research Inc. (TSX:ARI) today announced that the two companies have\nsigned a definitive agreement for Roche to acquire ARIUS in an all-cash\ntransaction at a price of approximately C$191 million. ARIUS is the developer\nof a proprietary antibody platform called FunctionFIRST(TM), which rapidly\nidentifies and selects antibodies based on their functional ability to affect\ndisease before progressing into clinical development. The FunctionFIRST(TM)\nplatform will allow Roche to further strengthen its developmental portfolio,\ninitially within the areas of oncology and inflammatory diseases where this\nnew technique offers potentially broad therapeutic applications.\n\n\n"ARIUS' promising platform and early pipeline of new antibody candidates\nrepresent an excellent fit with our own progressing research in the fields of\ncancer and immunology," said Lee Babiss, Head of Global Research at Roche.\n"The FunctionFIRST(TM) approach provides us with a large library of antibodies\nfrom which we can identify the best new drug candidates for the development of\nclinically differentiated medicines."\n\n\nCommenting on the transaction, David S. Young, President and Chief\nExecutive Officer of ARIUS said: "Since founding ARIUS in 1999, we have\nfocused on developing a truly powerful platform for the development of new\nantibodies for innovative cancer and immunological targets so that we can\ncontribute to revolutionising the prognosis for such diseases. Roche's\ncapabilities in biopharmaceutical research, development, manufacturing and\ncommercialisation offer us the ideal opportunity to realise the full potential\nof our approach and pipeline of candidate drugs."\n\n\nAdditional information\n\n\nDeal Structure\n\n\nRoche will pay C$2.44 for each common share of ARIUS Research Inc. This\nprice represents a 15% premium to the closing price on 22 July 2008 and a 44%\npremium to the 20-day volume-weighted average closing price ending 15 May 2008\n(the last trading day prior to ARIUS' announcement that third parties have\nshown interest in the company and its technologies). Roche will also acquire\nall of the issued and outstanding warrants of ARIUS. Roche will pay C$1.44 for\neach Class F Warrant and C$1.78 for each Class G Warrant....

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