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Ardana seeks sale or merger

Reproductive health specialist Ardana announced on February 19 that it is seeking to sell or merge the company in line with cost-cutting measures being implemented by the board.

Reproductive health specialist Ardana announced on February 19 that it is seeking to sell or merge the company in line with cost-cutting measures being implemented by the board.

Ardana hopes that any potential deal will help fund research into drugs and new products such as Teverelix LA and testosterone cream.

The board decided to streamline the company's research efforts into nearer term programs following the results of a strategic review in December 2007.

Ardana said: "The board has concluded that shareholder value is more likely to be maximised through seeking a sale or merger partner which will be better placed to fund the company's extensive clinical development portfolio."

Although Ardana believes Teverelix and testosterone cream have "substantial commercial potential" all further developments relating to these products have been halted.

Phase two development of Teverelix LA was completed last year and phase three studies of testosterone cream began in 2007.

CeNeS, a pharmaceutical company responsible for the production of central nervous system drugs, also revealed earlier this month that it was in take-over talks.

CeNes confirmed in February that it was: "in discussions which may or may not lead to an offer for the company."

These merger moves comes at a time of increased merger and acquisitions activity in the speciality pharma and biotech sectors.

A 2007 report by Ernst & Young entitled Beyond Borders: Global Biotechnology showed that the biotech industry experienced 13 percent growth in 2006 after a prolonged period of restructuring.

Any deals/mergers or new alliances or business partnerships have yet to be negotiated or disclosed.

20th February 2008

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