Biogen Idec buys Syntonix in $120M deal

US drugmaker Biogen Idec has signed a definitive agreement to acquire fellow USA-based Syntonix, a privately-held company focused on discovering and developing long-acting therapeutics to improve treatment regimens for chronic diseases, and which has multiple preclinical drug development programs in hemophilia.

Through the transaction, which is expected to close in the first quarter of 2007, Biogen Idec will acquire all of the issued and outstanding shares of the capital stock of Syntonix for $40.0 million, payable at closing, and potential additional payments of up to $80.0 million upon the achievement of certain development milestones.

Biogen noted that Syntonix uses proprietary technologies to harness the human body's natural pathways for protecting antibodies against premature destruction and for transporting antibodies across cell barriers such as those in the lungs. These technologies may enhance the delivery of biopharmaceuticals through less frequent injections or by enabling pulmonary delivery.