Biogen Idec to acquire Fumapharm AG
Biogen Idec and Fumapharm AG, a privately held pharmaceutical company, announced that they have signed a definitive agreement for the acquisition of Fumapharm by Biogen Idec. Fumapharm AG, founded in Switzerland in 1983, develops therapeutics derived from fumaric acid esters for patients with high unmet medical need. The company has two products: FUMADERM®, a commercial product available in Germany for the treatment of psoriasis, and BG-12, a clinical-stage product that has been jointly developed with Biogen Idec. BG-12, an oral fumarate, is being studied for the treatment of multiple sclerosis (MS) and psoriasis.
"This acquisition supports our goal of developing innovative therapeutic options for people living with MS," said James C. Mullen, Biogen Idec's President and Chief Executive Officer. "We look forward to continuing the development of BG-12, a promising oral compound in MS, as well as expanding our European operations by working with Fumapharm's existing partners to provide FUMADERM to psoriasis patients in Germany."
The transaction, which has been approved by the boards of directors of both companies and is subject to customary closing conditions, is expected to close within the next two months. Upon completion, Biogen Idec will acquire all of the issued and outstanding shares of the capital stock of Fumapharm and will take over manufacture and sale of FUMADERM for the treatment of psoriasis in Germany through Fumapharm's existing network. Financial terms of the transaction were not disclosed.
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