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.

Share:          
CLINICAL TRIAL RESOURCES

Search:

NEWS ONLINE ARCHIVE

Browse by:

CWWeekly

September 29

WCG sees ePharmaSolutions’ clinical trial portal as the next step in the data evolution, company mission

Cutting-edge advertising can ‘break through the clutter’ for successful patient recruitment

Already a subscriber?
Log in to your digital subscription.

Subscribe to CWWeekly.

The CenterWatch Monthly

September

Today's fastest, most economical sponsors
Standout sponsors reveal how they shorten regulatory, clinical cycle times

From the trenches: Sites' eye view of state of the industry
CW’s first site focus groups uncover frustration with 'progress,' but a passion for their mission

Already a subscriber?
Log in to your digital subscription.

Purchase the September issue.

Subscribe to
The CenterWatch Monthly.

The CenterWatch Monthly

August

Reality of costs and impact rain on Sunshine Act
Concerns mount over compliance burden on CROs, sponsors, unanticipated consequences for research

Cloud computing expanding into all areas of clinical trial conduct
Benefits outweigh the complexities, challenges of finding right vendors

Already a subscriber?
Log in to your digital subscription.

Purchase the August issue.

Subscribe to
The CenterWatch Monthly.

JobWatch centerwatch.com/jobwatch

Featured Jobs