Cephalon has agreed to pay $30 million for an option to buy Wellesley, MA-based BioAssets Development Corp., which is pursuing new TNF inhibitors for sciatic pain in patients with intervertebral disk herniation and other spinal disorders. Provided Cephalon follows through on the option, it will make a follow-up payment and provide unspecified regulatory and sales milestones.
"BioAssets offers an estate of intellectual property and scientific expertise that will allow us to evaluate our own domain antibody tumor necrosis factor inhibitor, CEP-37247 (formerly known as ART-621), for the treatment of sciatica," said Frank Baldino, Jr., Ph.D. chairman and CEO of Cephalon. "Combining these two innovations helps fulfill our strategy to address unmet patient needs, while focusing on specialty physicians."
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