Biogen Idec to acquire Conforma
BIIB agreed to acquire cancer company Conforma (San Diego, Calif.) for $150 million in cash. Conforma has two Hsp90 inhibitors in Phase I testing for hematologic and solid tumors: CNF1010, which is an intravenous formulation of the geldanamycin derivative 17-AAG, and oral CNF2024. Conforma shareholders are eligible for up to $100 million in milestones. Montgomery & Co. advised Conforma on the deal, which is expected to close this quarter.
The deal excludes Conforma's rights to amrubicin, which will be spun out into newco Cabrellis. Conforma has North American and European rights to amrubicin from Dainippon Sumitomo (Tokyo:4506; Osaka:4506). The drug is makreted as Calsed in Japan for non-small and small cell lung cancers. The third-generation synthetic anthracycline is expected to begin Phase II testing for small cell lung cancer (SCLC) in the U.S. and Europe this quarter. ...