Biogen Idec Inc. (NASDAQ: BIIB) has agreed to acquire privately-held Stromedix Inc. for a total price that could reach $562.5 million. Stromedix is developing “innovative therapies for fibrosis and organ failure.”
Under the terms of the deal, Biogen will pay $75 million in cash and earnouts worth another $487.5 million “based on the achievement of certain development and approval milestones across multiple indications.”
Stromedix has one drug, STX-100, currently entering Phase 2 trials for “patients with idiopathic pulmonary fibrosis (IPF), a debilitating and almost uniformly fatal disease in which patients experience progressive difficulty breathing due to fibrosis (scarring) of the lung.” The company says there are more than 200,000 patients suffering from this condition and that there is currently no FDA-approved treatment for it.
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