Cephalon gains option to acquire BioAssets

Cephalon Inc. (NASDAQ:CEPH) will pay $30 million for an option to acquire BioAssets Development Corp. (Wellesley, Mass.). The option will be exercisable up until 60 days following the receipt of one-month patient response data from a proof-of-concept Phase II trial of BioAssets' biosimilar version of autoimmune drug Enbrel etanercept to treat sciatica. The data are expected in 2H10. If the option is exercised, BioAssets would receive an additional undisclosed payment and its stockholders would be eligible for regulatory and sales milestones. Cephalon said BioAssets' IP and data would allow it to evaluate the use of its own TNF inhibitor, CEP-37247 (formerly ART-621), for sciatica. ...