Since November 1997, Innogenetics and Solvay Pharmaceuticals have collaborated on a joint research program to explore new targets for Solvay Pharmaceuticals’ drug development activities. The original agreement involved a down payment to Innogenetics of US 4 million and annual research fundings for the duration of the research collaboration, yielding €1.6 million in 2006. Also included were clinical trial-related milestone payments by Solvay Pharmaceuticals and future royalties on product sales. In addition, Solvay NV took a stake in Innogenetics’ capital, today amounting to 95.33%. In 2002, the original 5-year contract was extended for 3-years with the specific aim of validating the previously identified drug targets by molecular biological and immunohistochemical means.
In 2006, Solvay Pharmaceuticals and Innogenetics extended the collaboration on the research program for another 3 years until December 2008. The program extension will capitalize on Innogenetics’ expertise in diagnostics to develop biomarkers for selected Solvay Pharmaceuticals’ therapeutics programs. In 2008, Solvay Pharmaceuticals and Innogenetics extended the research program for another 2 years until December 2010. The program will explore potential biomarkers and develop diagnostic assays that could serve as companion diagnostic products for selected Solvay therapeutics programs. Furthermore, Innogenetics will retain rights for development of biomarkers for commercialization in diagnostic kits.
On April 25, 2008, Solvay Pharmaceuticals SA launched a friendly bid to acquire Innogenetics. On September 9, 2008, Solvay Pharmaceuticals announced it succeeded to acquire Innogenetics in a cash transaction valued at €6.5 per share, and it acquired 84.3% of the shares. After the second offer period Solvay NV acquired 93.1% of the Innogenetics' shares. After the third offer period Solvay NV acquired 95.33% of the shares. Solvay proceeds with a squeeze-out (Nov. 21 until Dec. 11) of the remaining Innogenetics' shares and requests delisting.