IPA - International Pompe Association

Pharming Receivership Woes

Pharming Receiver Talks With Four Potential Buyers, Paper Says 2001-08-24 10:52 (New York)

Amsterdam, Aug. 24 (Bloomberg)—Pharming Group NV’s receiver E. Muller said four companies are interested in buying the Dutch biotechnology company that was granted protection from creditors last week, Dutch daily NRC Handelsblad reported.

U.S. rival Genzyme Corp. visited Pharming today to discuss a takeover of the troubled company, the paper said, citing Muller. Previously, Genzyme had only been interested in buying Pharming’s 50 percent stake in a joint venture to develop a treatment for muscle-wasting Pompe’s disease, the paper said.

Genzyme, ``a competitor of Genzyme and two parties from the world of venture capital’’ are interested in buying Pharming, the paper reported, citing Muller. The receiver expects a decision about a takeover next week, the paper said.

Leiden, Netherlands-based Pharming said Aug. 17 it received protection from its creditors by a Dutch court after it said on Aug. 10 that talks with potential partners to merge or be acquired had broken down and it wouldn’t get 15 million euros ($13.7 million) in expected financing.

(NRC Handelsblad 8-24 p. 1, 9)