INSMED to acquire Celtrix for $140 million

INSMED Pharmaceuticals has entered into a definitive agreement toacquire Celtrix in a deal valued at approximately $140 million. After the transaction, which is expected to close at the end of the first quarter of 2000, INSMED's shareholders will hold approximately 59% of the new entity, which will have a product portfolio that will include three drug candidates in advanced clinical trials for the treatment of types 1 and 2 diabetes, osteoporosis, polycystic ovary syndrome and tissue repair. Geoffrey Allan, currently chief executive of INSMED, will hold the same post in the new group.