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Wyeth buys UK biotech company

Global pharmaceutical company Wyeth has announced it has acquired UK-based biotech Thiakis for approximately $30m

Global pharmaceutical company Wyeth has announced it has acquired UK-based biotech Thiakis for approximately $30m.

Thiakis was founded in 2004 and focuses on the development of novel medicines for the treatment of obesity. Under the terms of the deal, Wyeth will acquire Thiakis for approximately $30m, with additional payments up to $120m being made upon achievement of pre-specified milestones.

"This acquisition is evidence of our commitment to develop and bring to market innovative, high-value medicines that have the potential to address significant unmet needs in critical therapeutic areas such as metabolic disorders," said Dr Mikael Dolsten, president, Wyeth Research. 

"Thiakis' research and development programme fits well with our goal of addressing the medical burden of obesity in a targeted manner using biologic-based therapies."

Estimates from the World Health Organisation show that at least 300m people globally are obese. Excess body weight is a known factor in a number of conditions including Type 2 diabetes, stroke, cardiovascular disease and osteoarthritis.

30th December 2008

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