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November 25, 2008

Roche to Acquire Memory Pharmaceuticals for $50M

  • Roche and Memory Pharmaceuticals inked a definitive merger agreement whereby Roche will  acquire all the outstanding shares of Memory Pharmaceuticals in an all-cash transaction for an aggregate price of approximately $50 million.

    Under the terms of the merger agreement, Roche will commence a tender offer for all Memory’s common stock at a price of $0.61 per share in cash. This price represents a 319% premium to the closing price yesterday.

    Memory Pharmaceuticals develops drug candidates for the treatment of central nervous system disorders such as Alzheimer's disease and schizophrenia. Memory Pharmaceuticals' nicotinic alpha-7 agonist drug candidates in these disease areas are already in partnered programs with Roche: R3487/MEM 3454 is in Phase II clinical trials for Alzheimer's disease and schizophrenia; R4996/MEM 63908 is in Phase I for Alzheimer's disease.

    "Acquiring Memory Pharmaceuticals 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 Pharmaceuticals will be fully integrated into Roche's R&D portfolio."

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