Ebb & Flow

When Artemis was launched in 1997 as a German sister company toExelixis,there was some question as to whether it made sense to have two related companies in the animal model space - other than as financing vehicles. That question has now been answered, as the companies announced last week that EXEL will absorb the 85% of Artemis it does not already own in a stock acquisition that values the remaining portion at $25.3 million and gives Artemis an overall valuation of $29.7 million. EXEL added $0.17 last week to $12.15.

While Artemis harbored hopes of becoming an independently listed European company on a pan-European exchange, CEO Peter Stadler had told BioCentury at the company's founding that a merger three years down the line might make a lot of sense (see BioCentury, Dec. 8, 1997). ...