Sigma-tau Acquires Enzon Drug Business

Enzon Pharmaceuticals has agreed to sell its specialty pharmaceutical business to Italy’s Sigma-tau Group for $300 million. Enzon could receive up to $27 million more in milestone payments, as well as royalties of 5–10% on some product sales through 2014. The business includes four marketed products with combined annual sales of about $120 million and a manufacturing facility in Indianapolis. The acquisition fits Sigma-tau’s focus on developing and selling therapies for rare diseases and will expand its U.S. presence. Enzon’s remaining operations are its PEGylation and locked nucleic acid technology platforms.