Biogen to pay $563 million for Stromedix
pharmafile | February 15, 2012 | News story | Research and Development, Sales and Marketing | Bioden Idec, R&D, STX-100, Stromedix
Biogen Idec will acquire the specialist immunology firm Stromedix for around $500 million.
Biogen currently focuses on the development of multiple sclerosis drugs, including its established interferon treatment Avonex, but said it wants to expand into new areas such as immunology.
Stromedix is a perfect fix for this direction, as the biotech firm is currently working on a treatment for scar tissue in the lungs and other organs in early stage trials.
Biogen will make an initial payment of $75 million and could add $487.5 million in extra payments, based on certain development and approval milestones across multiple indications.
Biogen already owns about 5% of the development-stage firm, located in Cambridge, Massachusetts.
Stromedix’s lead candidate, STX-100, is a novel humanised monoclonal antibody that selectively disrupts the TGF-beta pathway, which plays a central role in fibrotic disease.
STX-100 is entering a Phase II trial in patients with idiopathic pulmonary fibrosis, a debilitating and potentially fatal disease in which patients experience progressive difficulty breathing due to fibrosis (scarring) of the lung.
The drug was given orphan status by the FDA in 2010 as it aims to treat such a rare and often fatal disease.
Douglas Williams, executive VP of research at Biogen, said: “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 programmes with the potential to make a real difference for patients.
“The Phase II programme complements our scientific expertise and advances our research and development efforts in immunology.”
Michael Gilman, founder and chief executive of Stromedix, who used to work for Biogen, said: “We appreciate Biogen’s focus in immunology and their tremendous international R&D and commercial capabilities.
“By joining forces, we expect to accelerate the development of STX-100 and other promising early stage drug candidates.”
Ben Adams
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