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Business Roundup

August 31, 2009 | APPEARED IN VOLUME 87, ISSUE 35

Perstorp, the Swedish specialty chemical maker, has named Martin Lundin as its new president and CEO. Mats Persson will become deputy CEO. Perstorp’s former CEO, Bo Dankis, is now chairman of the firm’s board.

Advent International, a private equity firm, has signed on Nance Dicciani, retired CEO of Honeywell Specialty Materials, as an operating partner. In that role, she will help assess and develop investment opportunities. Dicciani is a director of Rockwood Holdings, Praxair, and Halliburton.

Profectus Biosciences and the PATH Malaria Vaccine Initiative will study Profectus’ recombinant vesicular stomatitis virus vector technology as a malaria vaccine. Profectus says its approach is an improvement over traditional DNA vaccines and adeno-virus-based vectors.

Biovail Laboratories has agreed to buy U.S. and Canadian rights to develop and commercialize Santhera Pharmaceuticals’ JP-1730/fipamezole for the treatment of levodopa-induced dyskinesia in Parkinson’s disease. Biovail will pay $8 million up front and will make additional payments based on key milestones.

Nanotherapeutics has won a $31 million, five-year contract from the National Institute of Allergy & Infectious Diseases to develop an inhaled version of the smallpox treatment cidofovir. Inhaled cidofovir could decrease the proportion of the population that would remain susceptible to smallpox due to an inability to be vaccinated.

Gloucester Pharmaceuticals raised $29 million of financing, led by Novo A/S. The company will use the funds to develop romidepsin, a histone deacetylase inhibitor, for the treatment of T-cell lymphoma and other blood cancers.

Shire has formed a multiyear alliance with Santaris Pharma to identify drug candidates against rare genetic disorders using Santaris’ locked nucleic acid platform. Santaris will receive early-stage payments of $20 million for achieving certain targets and additional payments for each of five potential drug candidates.

ProStrakan will sell the U.S. licensing and distribution rights to its testosterone deficiency gel, Fortesta, to Endo Pharmaceuticals. Pro­Strakan will receive $10 million up front, and up to $40 million in milestone payments through 2010. The drug is currently being reviewed by FDA.



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