ADVERTISEMENT
2 /3 FREE ARTICLES LEFT THIS MONTH Remaining
Chemistry matters. Join us to get the news you need.

If you have an ACS member number, please enter it here so we can link this account to your membership. (optional)

ACS values your privacy. By submitting your information, you are gaining access to C&EN and subscribing to our weekly newsletter. We use the information you provide to make your reading experience better, and we will never sell your data to third party members.

ENJOY UNLIMITED ACCES TO C&EN

Pharmaceuticals

Biopharma Firms Reacquire Operations

by Ann M. Thayer
August 9, 2010 | APPEARED IN VOLUME 88, ISSUE 32

A few years after divesting businesses, two biopharmaceutical companies are buying them back. Conatus Pharmaceuticals has acquired Pfizer’s Idun Pharmaceuticals subsidiary for an undisclosed amount. San Diego-based Conatus was founded in July 2005 by former Idun managers after they sold Idun to Pfizer. At the time, Idun had a liver disease drug candidate in Phase II clinical trials and preclinical oncology candidates. Conatus’ own lead candidate is in Phase II trials for treating hepatitis C. Meanwhile, Texas-based Lexicon Pharmaceuticals has opted to purchase Symphony Icon and thus reacquire a portfolio of serotonin synthesis inhibitor programs targeting gastrointestinal diseases. In 2007, in exchange for Lexicon stock, Symphony Capital Partners put up $60 million, of which $45 million went to set up Symphony Icon. The buyback deal allows Lexicon to defer paying a sizable part of the repurchase price and make a significant portion of the payment contingent on the success of the drug programs. Lexicon will pay the investors $10 million up front and possibly $80 million more in future cash and stock.

X

Article:

This article has been sent to the following recipient:

Leave A Comment

*Required to comment