Schering-Plough Corporation has completed its acquisition of most of NeoGenesis Pharmaceuticals' assets, effective February 14, 2005. Financial terms of the transaction have not been disclosed.
"This acquisition will further strengthen the discovery capabilities of Schering-Plough and is another important step in our commitment to build a best-in-class research organization," Fred Hassan, chairman and chief executive officer, Schering-Plough Corporation said adding, "We are also pleased that most of the scientists from NeoGenesis have accepted our offer to join Schering- Plough."
Schering-Plough also announced that former NeoGenesis executive Satish Jindal has been appointed vice president, Schering-Plough Research Institute, and site head, Cambridge, Mass., reporting to Catherine D. Strader, executive vice president for discovery research, Schering-Plough Research Institute. The group will continue to be based in Cambridge, Mass.
Schering-Plough and NeoGenesis have had a research collaboration since 1999. On Jan. 20, 2005, the two companies announced that they had entered into an agreement for Schering-Plough to acquire most of NeoGenesis' assets, subject to normal closing conditions. NeoGenesis Pharmaceuticals, Inc. is a privately held biopharmaceutical company focused on applying novel screening and chemistry technologies to discover and develop small molecule drugs.