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HEALTHCARE | Biotechnology

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Founded Year

1969

Stage

Unattributed VC - III | Alive

Total Raised

$105.38M

Last Raised

$25M | 13 yrs ago

About Genaissance Pharmaceuticals

Personalized medicine through population genomics and informatics.

Genaissance Pharmaceuticals Headquarter Location

One Gateway Center Suite 702

Newton, Massachusetts, 02458,

United States

617-527-9933

Latest Genaissance Pharmaceuticals News

Clinical Data acquires Genaissance

Apr 22, 2014

23-Jun-20052005-06-23T00:00:00Z Related tags: Genaissance, Clinical, Data Clinical Data is to acquire Genaissance Pharmaceuticals in a deal worth $56 million (€46.3 million). The merger allows Clinical Data to add pharmacogenomic diagnostics and tools to its burgeoning portfolio as it prepares to enter the molecular diagnostics market. On a strategic level, the deal could be seen as an attempt to gain a foothold in a $6.5 billion market. According to Jain PharmaBiotech, this represents approximately 3.3 per cent of the total diagnostics market and approximately 14 per cent of the in vitro diagnostic market. The molecular diagnostics market is expected to increase to $12 billion by 2010 and $35 billion by 2015. A major portion of it can be attributed to advances in genomics and proteomics. Biochip and nanobiotechnology are expected to make a significant contribution to the growth of molecular diagnostics. Under the terms of the agreement, Clinical Data will acquire two clinically relevant molecular diagnostic tests available commercially and additional developmental opportunities in the CNS and cardiovascular areas. Israel Stein, president and chief executive officer of Clinical Data said: "The acquisition will allow us to leverage our market knowledge and experience with GNSC's platform. " "Genaissance Pharmaceuticals is a strong strategic fit, enabling us to enter the molecular diagnostics market in a meaningful way," he added. Stein added that in purchasing Genaissance, the company hoped to enter the theranostics sector - guiding pharmaceutical therapy through the use of diagnostic tests. This, he said required the integration of regulatory, research, clinical and marketing approaches. "We strongly believe the benefits of genetically targeted pharmacotherapy will undoubtedly become essential to disease prevention and treatment," he added. Under the terms of the agreement, announced Tuesday the deal is an all-stock transaction valued at $56 million. Genaissance shareholders will own 40 per cent of the combined company when the deal closes sometime in the fourth quarter. The acquisition will also see a change in personnel with current Genaissance board members Kevin Rakin and Joseph Klein joining the CLDA's board of directors. Burton Sobel, Amidon professor, physician-in-chief, and Professor of Biochemistry at the University of Vermont, will also join the Board, bringing the total number of directors to seven. Genaissance focuses on integrating the use of single-nucleotide polymorphisms (SNPs) into the development of DNA-based diagnostic and therapeutic products. This merger illustrates the growing recognition of an emerging pharmacogenomics market. Randal Kirk, chairman of Clinical Data said: "Pharmacogenomics is poised to play a significant role in healthcare and is a growing area of research that is gaining traction with pharmaceutical companies and clinicians. " "Through this acquisition, Clinical Data is building on its strong existing foundation to enter new markets and continue to be an innovator in improving patient healthcare," he added. This content is copyright protected However, if you would like to share the information in this article, you may use the headline, summary and link below: Clinical Data acquires Genaissance 23-Jun-2005 Clinical Data is to acquire Genaissance Pharmaceuticals in a deal worth $56 million (€46.3 million). The merger allows Clinical Data to add pharmacogenomic diagnostics and tools to its burgeoning portfolio as it prepares to enter the molecular diagnostics market. Copyright - Unless otherwise stated all contents of this web site are © 2015 - William Reed Business Media SAS - All Rights Reserved - Full details for the use of materials on this site can be found in the Terms & Conditions Related news:

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