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August 29, 2007

MGI Obtains Rights to Thrombocytopenia Treatment for $45M

  • MGI Pharma obtained the rights to develop AkaRx’ antithrombotic agent as well as the option to acquire the company for $45 million.

    MGI may acquire all of AkaRx’s capital stock any time prior to January 8, 2010. If the company does exercise its option, MGI will make additional payments of approximately $255 million at that time.

    The development and license agreement is related to AKR-501, and no additional milestone or royalty fees are associated with the transaction. MGI will assume responsibility for certain development activities during the option period.
    AKR-501 is an orally available small molecule thrombopoietin mimetic being developed for the treatment of thrombocytopenia. It is a full agonist that targets the c-Mpl receptor on platelet-producing cells to stimulate platelet production.

    MGI also obtained rights to AKR-201, a metabolite of thyroid hormone targeting thyroid cancer. The compound is in preclinical development and has received an orphan drug designation.

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