Roche purchases Marcadia Biotech

Roche has announced the completion of a takeover deal which sees it acquire the privately-held biopharmaceutical drug development firm Marcadia Biotech.

A consortium of investors, including 5AM Ventures, Frazier Healthcare Ventures and Twilight Venture Partners, has agreed to sell Marcadia Biotech to Roche for an undisclosed fee.

Marcadia Biotech was founded by Dr Richard DiMarchi, Dr August Watanabe and Kent Hawryluk in 2005 with the aim of creating new treatment options for those with diabetes, obesity and other metabolic diseases.

It has since gone on to develop a wide range of programmes at various clinical stages and signed a new licensing agreement with Lilly in mid-2010.

Roche stated that further details regarding the transaction will be disclosed when the company publishes its full-year financial results at the beginning of February 2011.

Last month, Roche proposed the appointment of three new board members, including Nestle chief executive officer Paul Bulcke, ahead of its forthcoming annual general meeting in March 2011.