Biogen Idec to acquire Fumapharma

US pharmaceutical firm Biogen Idec and Switzerland's Fumapharma AG say they have signed a definitive agreement under which the former will acquire the latter. Fumapharm, which was founded in 1983, develops therapeutic agents derived from fumaric acid esters for unaddressed medical needs. Financial terms were not disclosed.

As a result of the acquisition, Biogen Idec will gain the product Fumaderm (mixed dimethylfumarate and monoethylfumarate salts), a treatment for psoriasis which is currently available in Germany. In addition, the USA-based group also acquires the developmental agent BG-12, intended for the treatment of multiple sclerosis and psoriasis, which it has been co-developing with Fumapharma. The firms added that the transaction has been approved by their respective boards of directors and is expected to close within the next two months, subject to customary conditions.