Enzon Pharmaceuticals has hived off its specialty pharma business--a package that includes a manufacturing plant in Indianapolis and four marketed products--for $300 million in cash and the promise of additional rewards in milestones and royalties to Italy's sigma-tau Group. And it says the deal leaves it free to focus entirely on its pipeline work.
"After the sale of these assets," the company reported, "Enzon's businesses will consist of its royalties, Peg SN38 and our LNA and PEG technology platforms." It is selling off Oncaspar, Adagen, DepoCyt and Abelcet in the deal--which includes $27 million in milestones--with a U.S. subsidiary of sigma-tau.
"Enzon's board of directors is evaluating options to return most of the value of this sale to shareholders" stated Alex Denner, chairman. "We will refocus the company on our royalty business, pipeline, and technology platforms."
- take a look at Enzon's release
- read the story from Reuters