Roche is buying Memory Pharmaceuticals for $50 million. The pharma giant is paying 61 cents a share, a big premium over Memory's bottom-dwelling price of 15 cents a share.
For Roche, it's a chance to buy experimental therapies for Alzheimer's and schizophrenia. The two companies are also already partnered on a mid-stage drug program.
"The innovative work carried out by the scientists at Montvale, NJ-based Memory Pharmaceuticals will be fully integrated into Roche's research and development portfolio with the aim of providing new hope for patients and caregivers affected by devastating diseases such as Alzheimer's," said William Burns, chief executive of Roche Pharmaceuticals, in a statement.
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- check out the AP report