Japan's Takeda is buying Irvine, CA-based IDM Pharma in a $75 million deal, beefing up its cancer franchise as well as its pipeline. Takeda will buy all of IDM's outstanding stock at a price of $2.64 per share, a 65 percent premium over its Friday close.
The takeover gives Takeda MEPACT, a bone cancer drug that was recently approved in Europe. A second product, Bexidem for bladder cancer, was put on hold.
The past two years have had plenty of low points for IDM Pharma. In early 2008 the company notified the SEC that it was laying off 60 percent of its staff and cutting back on its research efforts after it was jilted in a key collaboration. IDM received a de-listing notice from Nasdaq last month giving the company 10 days to comply with its requirement of maintaining $10 million in stockholder equity.
"The European approval of MEPACT was the result of decades of research and most importantly the dedication of patients and their families whose involvement in the Phase III clinical trial was integral to providing access to the first new osteosarcoma treatment in more than 20 years," said Timothy P. Walbert, president and chief executive officer, IDM Pharma.
- check out the Takeda release