American Company Buys deCODE

Published December 11, 2012

The American biopharmaceutical company Amgen has bought deCODE Genetics for $415 million.
In its time, deCODE Genetics was one of Iceland’s hottest rising stars in the financial world. Making headlines for holding a genetic and medical database of thousands of Icelanders, it was the first company to be listed on NASDAQ. Although opening at about $30 per share, it soon plummeted to almost nothing, and declared bankruptcy in November 2009.
Despite this languishing state of affairs, it seems the company was still able to draw the interest of investors:

The biotechnology giant Amgen, seeking to bolster its drug discovery efforts, said Monday that it would pay $415 million to acquire deCODE Genetics, a gene-hunting firm based in Iceland and known for its headline-grabbing discoveries linking genetic variations to disease. The all-cash deal will give Amgen, based in Thousand Oaks, Calif., access to Reykjavik, Iceland-based deCODE’s technology. DeCODE, which is privately held, has had trouble building a sustainable business, and it filed for bankruptcy protection in 2009. It was bought out of bankruptcy in 2010 by Saga Investments, a group led by two venture capital companies, Polaris Venture Partners and Arch Venture Partners.

Björn Zoega, the director of Landspitali national hospital, told RÚV that he believes the buy-out will have a positive effect on Icelandic genetic research in particular, and on medical care as a whole.
Sean Harper, the CMO of Amgen, told reporters that deCODE will continue doing the business it always has been in Iceland, and that contrary to anyone losing their jobs, it is hoped that there will be more hires.



News
“Did I Advance? No, Unfortunately Not”

“Did I Advance? No, Unfortunately Not”

by

Despite her best efforts, Iceland’s Eurovision contestant María Ólafsdóttir did not advance through yesterday’s semi-finals with her song “Unbroken.” This

News
Bird-Flipping Bus Driver Still A Mystery

Bird-Flipping Bus Driver Still A Mystery

by

The bus driver who has repeatedly given Finance Minister Bjarni Benediktsson the finger has not been identified, nor has the

News
Police Can Do Little To Stop “Skutlarar”

Police Can Do Little To Stop “Skutlarar”

by

There is not much the police can do to stop people from offering to give other people rides in exchange

News
Skólavörðustígur To Become Giant Waterslide

Skólavörðustígur To Become Giant Waterslide

by

The downtown street of Skólavörðustígur will have its continuous slope put to better use this July, when it is temporarily

News
Director Translates Funny At The Icelandic Documentary Film Festival

Director Translates Funny At The Icelandic Documentary Film Festival

by and

Director Ragnar Hansson has always been fascinated by stand-up comedy. He’s a filmmaker who’s worked with, and written, comedy for

News
Progressive MP Projectile Vomited At The Pentagon, Plot Thickens

Progressive MP Projectile Vomited At The Pentagon, Plot Thickens

by

The curious case of the projectile vomiting MP continues to develop, with conflicting stories of his health coming from fellow

Show Me More!