HBM Bioventures makes bid to buy rival

HBM BioVentures has made a bid to buy rival biotech venture firm International BM Biomedicine Holdings.

Both are based in Switzerland and HBM has offered 0.42 HBM of its own shares and an additional CHF3.60 in cash for each Biomedicine share. The board of Biomedicine has recommended its shareholders accept the offer, which runs from 10 December to noon on 21 December.

The combined business will create a company with more than CHF900m (€590m) under management.