Biogen Idec to acquire Syntonix
Biogen Idec and Syntonix Pharmaceuticals announced that the companies have signed a definitive agreement for the acquisition of Syntonix by Biogen Idec. Syntonix, a privately held biopharmaceutical company focused on discovering and developing long-acting therapeutic products to improve treatment regimens for chronic diseases, has multiple pre-clinical programs in hemophilia.
Syntonix's lead product, FIX:Fc, is a proprietary long-acting factor IX product for the treatment of hemophilia B. It has the potential to reduce the frequency of intravenous injections required for disease management. Syntonix is expected to file an investigational new drug application with the Food and Drug Administration for FIX:Fc in 2007.
The transaction is expected to close in the first quarter of 2007. Upon completion, Biogen Idec will acquire all of the issued and outstanding shares of the capital stock of Syntonix for $40 million, payable at closing, and potential additional payments of up to $80 million upon the achievement of certain development milestones.
Contingent on the closing of the acquisition, Biogen Idec plans to maintain Syntonix's 25,000 square-foot facility in Waltham, MA for the continuing operation of Syntonix programs. The transaction, which has been approved by the boards of directors of both companies, is subject to customary closing conditions.
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