Issue Date: August 27, 2007
Enzon Sells Stake in Hepatitis Drug
Enzon Pharmaceuticals has sold a 25% share of its royalty on Schering-Plough's hepatitis C drug Peg-Intron, to the royalty investment firm Drug Royalty Corp. for $92.5 million. Enzon developed the branch-polyethylene glycol technology that is used, in the case of Peg-Intron, to deliver interferon more efficiently. It stands to receive another $15 million in 2012 if sales of the drug reach a certain level. The Bridgewater, N.J.-based firm plans to use the cash to pay off debt due in 2008.
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