MediGene to slash R&D spending, may sell stake in UK research unit UPDATE |
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Published
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Mon, 07 Jan 2008 08:57
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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.comlb/mas/sal/lb/mas/salCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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MediGene to slash R&D spending, may sell stake in UK research unit 