Pharming goes into liquidation

Dutch biotechnology firm Pharming Group NV, despite announcing on July31 that it had reached an agreement on a 15 million euros ($13.2 million) financing facility, on August 10 saw trading in its shares, which had hit an all-time low, suspended. This was swiftly followed by the news that Pharming had filed for receivership as its financial position had deteriorated, as the "credit facility cannot be made since certain conditions cannot be met." Pharming had been working with US firm Genzyme on the development of a drug to treat Pompe disease, and it had been thought the latter would rescue the Dutch firm. But Genzyme instead acquired Novazyme Pharmaceuticals (Marketletter August 13), so dashing any such hopes, Reuters reports.