In brief: Neuren; ACCC; Roche; QIC; Rockeby; Acrux

New Zealand biotech Neuren today lodged the prospectus for its mid-January IPO with ASIC, announcing that it will aim to raise AUD$15 million, giving it an indicative market capitalisation of AUD$40 million.

The offer of 37.5 million shares is fully underwritten by investment bank EG Capital. It is scheduled to open on 23 November and close on 17 December with shares to be listed on the ASX on 11 January 2005.

ACCC gives Roche acquisition the green light

The Australian Competition and Consumer Commission will not oppose the proposed acquisition of the over-the-counter business of Hoffmann-La Roche by Bayer Healthcare.

"Bayer is proposing to acquire, on a global basis, most of the current Roche consumer health business, including the supply, licensing, marketing, and distribution rights of Roche's over-the-counter pharmaceutical business," said ACCC Chairman Graeme Samuel.

"The acquisition will lead to only a small increase in Bayer's market share in the OTC pharmaceutical market in Australia, In addition, the merged entity is likely to face competition from a number of domestic and multinational pharmaceutical companies."

Other international antitrust authorities including the European commission must also give their approval before the merger can go ahead.

QIC buys into Rockeby

The Queensland Investment Corporation has become a substantial holder of Sydney-based diagnostics company Rockeby Biomed (ASX:RBY), with a holding of 11.5 million ordinary shares, or 6.4 per cent of issued capital.

Acrux commences Phase I pharmacokinetic study

Melbourne's Acrux (ASX: ACR) announced yesterday it had commenced a Phase 1 pharmacokinetic study in8 healthy women, to establish the effective dosage required for fertility control using its transdermal contraceptive Nestorone MDTS.

The study is sponsored by Acrux subsidiary FemPharma, and international research organisation the Population Council will be collaborating.

It will be carried out at the Sydney Centre for Reproductive Health Research and the Woolcock Institute for Medical Research at the Sydney's Royal Prince Alfred Hospital.