Issue Date: May 12, 2008
Enzon Will Spin Off Biotech Business
Specialty drug manufacturer Enzon Pharmaceuticals will spin off its biotechnology division, which specializes in PEGylation and nucleic acid technology for drug discovery. The deal will result in two independent public companies. Enzon expects to fund the new company with $150 million in cash. Enzon will retain its current products on the market, its Indianapolis manufacturing facility, and royalties from licensing of PEGylation technology.
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