Biogen Idec will acquire Syntonix Pharmaceuticals for $40 million plus potential milestone payments of up to $80 million. Syntonix has multiple preclinical programs in hemophilia as well as research work on autoimmune disorders and anemia.
"With this transaction, we continue to deliver on our strategic initiative to enhance our pipeline and expand into additional specialized markets," remarks James C. Mullen, Biogen Idec's president and CEO. "Syntonix brings promising science and technology to areas of unmet medical need, such as hemophilia, and we look forward to building on their expertise with Biogen Idec's global development, manufacturing, and commercial capabilities."
Syntonix uses proprietary technologies to harness the human body's natural pathways for protecting antibodies against premature destruction and for transporting antibodies across cell barriers. Biogen Idec believes these technologies may enhance the delivery of biopharmaceuticals through less frequent injections or by enabling pulmonary delivery.
Syntonix' lead product, FIX:Fc, is a long-acting factor IX product for the treatment of hemophilia B. Syntonix expects to file an IND application for FIX:Fc in 2007.
The transaction is expected to close in the first quarter of 2007. Upon closing, Biogen Idec plans to maintain Syntonix' 25,000-sq-ft facility in Waltham, MA for the continuing operation of Syntonix programs.