Biogen Idec to buy Conforma

Biogen Idec has agreed to acquire Conforma Therapeutics for $150 million. Privately held Conforma, formed in 1999, focuses on the discovery and development of drugs that inhibit heat-shock protein 90 (HSP90) molecules, which are involved in supporting the growth of cancer cells across a range of tumor types. Owners of Conforma, which has two compounds in Phase I clinical trials, stand to receive up to $100 million in milestone payments in addition to the purchase price. The purchase is Biogen Idec's first since it vowed last fall to increase growth through acquisitions and other forms of business development.