Issue Date: January 9, 2012
Alexion To Acquire Enobia
Alexion Pharmaceuticals will acquire Enobia Pharma, which is based in Cambridge, Mass., and Montreal, in a deal that joins two companies focused on rare diseases. Using cash on hand and $300 million in debt, Alexion will pay $610 million up front and up to $470 million more if regulatory and sales milestones are reached. Enobia’s lead product candidate is asfotase alfa, a recombinant alkaline phosphatase enzyme-replacement therapy. It targets hypophosphatasia (HPP), a rare, life-threatening, genetic disease related to calcium and phosphate metabolism. There are no approved therapies for HPP. Asfotase alfa, which has fast-track and orphan drug status, is in Phase II clinical development. Connecticut-based Alexion discovered and sells the monoclonal antibody drug eculizumab under the name Soliris. It has been approved to treat the rare blood disorder paroxysmal nocturnal hemoglobinuria and atypical hemolytic uremic syndrome, a rare genetic condition in which blood clots throughout the body damage vital organs. Alexion expects to report 2011 revenues of about $770 million. Privately held Enobia doesn’t report financial figures; it raised $40 million from investors in August.
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