Biogen Idec To Acquire Syntonix

Biogen Idec has signed a definitive agreement to acquire Syntonix Pharmaceuticals for $40 million. Syntonix focuses on discovering and developing long-acting therapeutic products to improve treatment regimens for chronic diseases.

Syntonix’s lead product, FIX:Fc, is a proprietary long-acting factor IX product for the treatment of hemophilia B. It has the potential to reduce the frequency of intravenous injections required for disease management. Syntonix expects to file an IND for FIX:Fc with the FDA in 2007.

“With this transaction, we continue to deliver on our strategic initiative to enhance our pipeline and expand into additional specialized markets,” said James C. Mullen, Biogen’s president and chief executive officer. “Syntonix brings promising science and technology to areas of unmet medical need such as hemophilia, and we look forward to building on their expertise with Biogen Idec’s global development, manufacturing, and commercial capabilities.”

“In pursuing next steps for Syntonix, joining forces with Biogen Idec was the best option for all stakeholders, including—over the long-term—patients,” said John W. Ripple, chief executive officer of Syntonix. “As a global leader in biomanufacturing and serving niche markets, Biogen Idec is well-poised to deliver on the promise of hemophilia therapies that require less frequent dosing.”

The transaction, subject to customary closing conditions, is expected to close in the first quarter of 2007. At the closing, Biogen Idec may make additional payments of as much as $80 million based upon the achievement of certain development milestones. Biogen Idec plans to maintain Syntonix’s 25,000-sq.-ft. facility and programs in Waltham, MA.