Enzon to sell specialty pharma business

Sigma-Tau S.p.A. (Rome, Italy) will acquire the specialty pharmaceuticals business of Enzon Pharmaceuticals Inc. (NASDAQ:ENZN) for $300 million in cash and up to $27 million in potential milestones. The deal includes four marketed products: antifungal Abelcet amphotericin B liposomal injection; cancer drugs Oncaspar pegaspargase and DepoCyt Ara-C; and Adagen enzyme replacement therapy to treat severe combined immunodeficiency disease (SCID). Enzon is eligible for 5-10% royalties through 2014 on the products, which had sales of $88.3 million for the nine months ended Sept. 30.

Sigma-Tau, which said the deal will increase its presence in the field of rare diseases, also will acquire Enzon's Indianapolis, Ind., manufacturing facility. Goldman Sachs and Greenhill advised Enzon. The deal is expected to close in 1Q10. Enzon began seeking strategic alternatives for its specialty pharmaceuticals business last year (See BioCentury Extra, Monday, Aug. 11, 2008). ...