Biogen Idec To Buy Conforma

Biogen Idec has signed a definitive merger agreement for the acquisition of Conforma Therapeutics. Conforma is focused on the discovery and development of drugs that inhibit heat shock protein 90 (HSP90) molecules, which are involved in supporting the growth of cancer cells across a range of tumor types, and which also play a role in tumor resistance to a number of leading cancer therapies. The company has advanced two compounds into Phase I trials: CNF1010, a proprietary form of the geldanamycin derivative 17-AAG; and CNF2024, a synthetic, orally bioavailable HSP90 inhibitor.

“Global leadership in oncology—from discovery to development to commercialization—is a major strategic objective for Biogen Idec,” said James C. Mullen, Biogen Idec’s president and chief executive officer. “Conforma’s platforms in the promising area of HSP90 antagonists provide significant opportunities to develop drugs for a range of solid tumors. Through this transaction, Biogen will also broaden our therapeutic opportunities in the cancer field while adding Conforma’s talented scientific team to our oncology group.”

“Biogen Idec is a premier biotechnology organization that has pioneered important medical advances in areas of high unmet need. Working together will better enable the development of our innovative therapeutics and will open opportunities for further application of our technology platforms,” said Lawrence C. Fritz, Ph.D., president and chief executive officer of Conforma. “Biogen Idec’s global resources and commitment to advancing breakthrough therapies make them an ideal partner for us and we look forward to joining them.”

The transaction is expected to close in the second quarter of 2006. Upon completion, Biogen will acquire all of the issued and outstanding shares of the capital stock of Conforma for $150 million, payable at closing, and as much as an additional $100 million upon the achievement of certain development milestones. Conforma’s operations and employees will be integrated into Biogen’s San Diego campus, the company’s oncology center of excellence.