Merlin, Avlar looking to acquire OGS

VC firms Merlin Biosciences and Avlar BioVentures plan to make a bid to acquire cancer and proteomics company Oxford GlycoSciences (LSE:OGS; OGSI) in the next 10 days, Merlin Chairman Chris Evans told BioCentury. Evans said they plan to break up the company and use its assets to build up one or two companies. "We are very seriously interested," Evans said. "It is our intention to make a bid when we have completed all our due diligence and know where we should be pitching the bid."

Evans would not disclose the value of the bid. He did say that Merlin and Avlar combined have EUR 300 million in cash for investing. U.K. media estimated the bid could range between L107-L112 million ($168-$176 million), which values OGS at about 200p per share. ...