Biogen Idec acquires Stromedix for $75 million

Wednesday, February 15, 2012 03:01 PM

Biogen Idec has acquired Stromedix, a privately held biotechnology company focused on therapies for fibrosis and organ failure, for $75 million cash.

Biogen Idec will make additional contingent value payments of up to $487.5 million based on the achievement of certain development and approval milestones across multiple indications.

Stromedix's lead candidate, STX-100, is a novel humanized monoclonal antibody that selectively disrupts the TGF-beta pathway, which plays a central role in fibrotic disease. It has demonstrated an attractive safety and tolerability profile in a phase I trial, and is entering a phase II trial in patients with idiopathic pulmonary fibrosis (IPF).

"By joining forces, we expect to accelerate the development of STX-100 and other promising early-stage drug candidates,” said Michael Gilman, Ph.D., founder and CEO of Stromedix, who previously led Biogen Idec's research organization from 2000 to 2005.

"We believe STX-100 has the potential to be a best-in-class therapy and it is an excellent strategic fit with our focus on highly differentiated programs with the potential to make a real difference for patients," said Douglas E. Williams, executive vice president of R&D, Biogen Idec. “We are pleased to welcome Mike and his team back to Biogen Idec to drive STX-100's continued development.”

The transaction is subject to customary closing conditions.

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