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Dec 21, 2007

Utek Enhances Open Innovation Services with $2.15M Pharmalicensing Buyout

  • Utek, a technology transfer company, agreed to acquire Pharmalicensing to extend its open innovation services and enhance its presence in the life science sector. The transaction is valued at $2.15 million and will be satisfied through the issuance of 153,967 Utek shares.

    Pharmalicensing assists firms in their R&D and business development programs through partnering and licensing. Based in York, England, the firm makes it possible for its approximately 200 clients to post descriptions of technologies that they are seeking to in-license or out-license.

    Utek expects to complete the transaction by early January, 2008. The acquisition will take effect through Utek Europe. “We believe that the acquisition of Pharmalicensing fits our strategy of becoming the leading provider of open innovation services and expands our existing operations within the U.K. market,” remarks Clifford M. Gross, Ph.D., Utek’s CEO.

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Scientifically Studying Ecstasy

MDMA (commonly known as the empathogen “ecstasy”) is classified as a Schedule 1 drug, which is reserved for compounds with no accepted medical use and a high abuse potential. Two researchers from Stanford, however, call for a rigorous scientific exploration of MDMA's effects to identify precisely how the drug works, the data from which could be used to develop therapeutic compounds.

Do you agree that ecstasy should be studied for its potential therapeutic benefits?

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