Australian biotech, Bionomics acquires central nervous system (CNS) business

Mar 6 2005

Exciting Australian biotech, Bionomics has announced that it has completed the acquisition of the French central nervous system (CNS) business, Neurofit.

The acquisition provides Bionomics with a world class CNS preclinical development capability. With the acquisition, Bionomics now has in-house CNS therapeutic development capabilities extending from the discovery stage right through to extensive pre-clinical testing. Through Neurofit, Bionomics also now has a commercial relationship with some of Europe’s leading pharmaceutical and biotechnology companies including Novartis, Serono, Boehringer-Ingelheim, Guilford Pharmaceuticals and Biogen. The acquisition includes intellectual property rights to the Parkinson’s disease animal model developed by the Institut Pasteur.

The acquisition will enable Bionomics to fast-track the development of central nervous system therapeutics, including existing targets in epilepsy, and forms a small but important piece of Bionomics’ growth plan.

Bionomics acquired Neurofit for a total cost of Euro1.25 million in cash and shares. Bionomics was advised on the transaction by Intersuisse Corporate. The business, which specialises in the preclinical testing of developmental therapeutics for CNS disorders, has annual sales of approximately Euro1 million and is expected to operate profitably within the Bionomics group. Bionomics’ intention is to further grow Neurofit’s revenues and profitability, whilst utilising its substantial CNS expertise and market connections to enhance Bionomics’ development programs.