Roche and Memory Pharmaceuticals have signed a definitive merger agreement under which Roche will acquire Memory Pharmaceuticals for $50 million in cash. Memory develops drug candidates for the treatment of central nervous system (CNS) disorders such as Alzheimer’s disease and schizophrenia. The company’s nicotinic alpha-7 agonist drug candidates in these disease areas—currently being developed in partnership with Roche—include: R3487/MEM 3454, in Phase II trials for Alzheimer’s disease and schizophrenia; and R4996/MEM 63908, in Phase I for Alzheimer’s disease.
   
“Acquiring Memory Pharmaceuticals will enable Roche to secure the future development of its promising nicotinic alpha-7 agonists,” said William Burns, chief executive officer, Division Roche Pharmaceuticals. “The innovative work carried out by the scientists at Memory Pharmaceuticals will be fully integrated into Roche’s R&D portfolio with the aim of providing new hope for patients and caregivers affected by devastating diseases such as Alzheimer’s.”
   
Jonathan Fleming, chairman of the board of directors of Memory Pharmaceuticals said, “Since founding Memory Pharmaceuticals in 1998, we have focused on developing medicines that could make a real difference to the lives of CNS patients. I am proud of the progress our dedicated team has made and I am confident that Roche’s capabilities and experience in the CNS field will enable our research to realize its full potential.”