Biogen Idec is paying $150 million up front to buy Conforma Therapeutics and will pay up to $100 million more based on the success of Conforma's pipeline of cancer therapies. Conforma, which was founded in 1999, has two experimental therapies in early-stage development. The therapies target heat shock protein 90 (HSP90) molecules, which accelerate cancer cell growth.
"Global leadership in oncology--from discovery to development to commercialization--is a major strategic objective for Biogen Idec," said James C. Mullen, Biogen Idec's president and CEO. "Conforma's platforms in the promising area of HSP90 antagonists provide significant opportunities to develop drugs for a range of solid tumors. Through this transaction, Biogen Idec will also broaden our therapeutic opportunities in the cancer field while adding Conforma's talented scientific team to our oncology group."
- read the article from the Boston Globe for more information
- see the press release