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
20% Of Reykjavík Police Are Women

20% Of Reykjavík Police Are Women

by

About 20% of the Reykjavík Metropolitan Police’s force are women – almost twice the percentage of American police, and a

News
Safety Of Tourists Must Be Improved

Safety Of Tourists Must Be Improved

by

A leading figure in Iceland’s tourism industry believes it “very important” to increase the safety and security of tourists at

News
Foreign Minister Backpedals On Whaling Position

Foreign Minister Backpedals On Whaling Position

by

Foreign Minister Gunnar Bragi Sveinsson appears to be of two minds when it comes to Iceland’s whaling practices. Gunnar Bragi

News
Actavis Bought By Foreign Pharmaceutical Company

Actavis Bought By Foreign Pharmaceutical Company

by

Teva Pharmaceuticals Industries Ltd. has agreed to buy Allergan Plc, the parent company of Actavis, for $40.5 billion USD. In

News
Papers Will Continue After Acquisition

Papers Will Continue After Acquisition

by

The newspapers recently acquired by Vefpressan will keep coming, but one editor was very blunt about his feelings on working

News
Viking Festival: All The Great Things About The Dark Ages, Plus Access To Penicillin

Viking Festival: All The Great Things About The Dark Ages, Plus Access To Penicillin

by

Much to the disappointment of many holiday-goers, modern day Icelanders are pretty far removed from their Viking ancestors. Ceremonial sacrifices

Show Me More!