Blech adjusts to new environment

Intelligent consolidations are going to be one of the keys to transforming middle-tier biotech companies into top-tier companies, according to New York investor David Blech.

Two companies in which Blech holds a significant equity interest, Bio-Technology General Corp. and Gynex Pharmaceuticals Inc., last week signed a $48 million merger agreement. The merger will combine GYNX's portfolio of in-licensed late-stage products for pediatric growth disorders and AIDS with BTGC's complementary portfolio of growth hormones and other products, including hyaluronic acid, hepatitis B vaccine, superoxide dismutase and vitamin D3...