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Roche buys Memory Pharmaceuticals for $50m

Roche has signed a deal to acquire biopharmaceutical company Memory in a cash deal worth around $50m

Roche has signed a deal to acquire biopharmaceutical company Memory in a cash deal worth around $50m.

Memory develops drugs for central nervous system (CNS) disorders such as Alzheimer's and schizophrenia. The company currently has drug candidates in these areas undergoing clinical trials in partnership with Roche.

"Acquiring Memory will enable Roche to secure the future development of its promising nicotinic alpha-7 agonists," said William Burns, CEO Division Roche Pharmaceuticals. "The innovative work carried out by the scientists at Memory will be fully integrated into Roche's R&D portfolio with the aim of providing new hope for patients and caregivers affected by devastating diseases such as Alzheimer's."

Jonathan Fleming, chairman of the board of directors of Memory said: "Since founding Memory in 1998, we have focused on developing medicines that could make a real difference to the lives of CNS patients. I am proud of the progress our dedicated team has made and I am confident that Roche's capabilities and experience in the CNS field will enable our research to realise its full potential."

Under the terms of the merger agreement, Roche will tender an offer to acquire all outstanding shares of Memory at a 319 per cent premium to their closing price on November 24, 2008. The closing of the tender is subject to Roche holding a majority share once its acquired shares are added to its existing shares.

25th November 2008

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