Proximagen strikes deal to buy Cambridge Biotechnology

Armed with an $82 million buyout fund, the UK's Proximagen says it has inked a deal to buy Cambridge Biotechnology from Sweden's Biovitrum.

Proximagen--which raised 50 million pounds in a fundraising last June--says it expects the deal to close in a few weeks. And the brain disease specialist has been flagging its interest in snapping up other biotechs focused on the central nervous system as well.

According to its web site, Cambridge Biotechnology has 25 employees and has been focused on neuropathic pain and inflammatory diseases such as vasculitis since it was founded eight years ago. "The most advanced compound to come from CBT discovery is BVT.115959 which was recently shown to be safe and efficacious in a phase II clinical trial investigating the substance for treatment of chronic pain in patients with diabetes." Biovitrum announced plans to spin out the company in the early part of this year.

- read the story from Reuters 
- check out the Cambridge Biotechnology web site

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