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MediGene to slash R&D spending, may sell stake in UK research unit UPDATE


Published :
Mon, 07 Jan 2008 08:57
By : Agencies
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(Recasts lead, specifies time frame for cost cuts, adds details)

MARTINSRIED, Germany (Thomson Financial) - German biotech company MediGene AG said it may sell a stake in a UK research business to outside investors in a bid to slash its spending on research.

The company is looking at 'alternative financing options for the mTCR research program' of its UK subsidiary MediGene Ltd, it said in a statement.

These options include forming a new company -- partly owned by outside investors but with MediGene as largest individual shareholder -- which will take over the mTCR program, the German company added.

The company expects measures to 'lead to a significant reduction in research expenditures in 2009 at the latest,' it said in a statement.

ludwig.burger@thomson.com

lb/mas/sal/lb/mas/sal

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