NEW YORK, Sept 6 German pharmaceuticals group Schering AG intends to float its functional genomics biotech business next year, Reuters reported on Wednesday.
Schering said that the offering would take place after the company raises as much as $35 million in venture capital for the unit. “Venture capitalists will provide 30-40 million euros, then there will be a further capital rise in which we don't take part and don't sell any of our shares,” Chief Financial Officer Klaus Pohle told reporters in Berlin. “We want to be careful...we have seen recently that many new companies have come onto the bourse without the ideal quality. We want the company to have a high quality when the IPO comes and that costs time,'” Pohle said.
Functional genomics comprises part of Schering's biotech activities, which have resulted in such hits as multiple sclerosis drug Betaferon and non-Hodgkins lymphoma drugs Zevalin and Oncolym.
Pohle did not comment on potential investors.