Cephalon to acquire BioAssets

Cephalon Inc. (NASDAQ:CEPH) exercised its option to acquire BioAssets Development Corp. (Wellesley, Mass.) for $12.5 million after receiving interim data from a Phase II trial of BioAssets' biosimilar version of autoimmune drug Enbrel etanercept to treat sciatica. BioAssets shareholders will also be eligible for milestones and royalties. Last year, Cephalon paid $30 million for the option to acquire BioAssets. Cephalon said BioAssets' IP and data will allow Cephalon to evaluate the use of its own TNF inhibitor, CEP-37247 (formerly ART-621), for sciatica. The deal is expected to close next month. Extera Partners advised BioAssets. ...