Stromedix complements Biogen Idec\'s scientific expertise and capabilities in immunology
Biogen Idec has agreed to buy Stromedix, a privately held US biotechnology company focused on innovative therapies for fibrosis and organ failure.
Under the terms of the agreement, Biogen Idec will make an upfront cash payment of US$75m to Stromedix, with potential for additional contingent value payments of up to $487.5m based on the achievement of certain development and approval milestones across multiple indications.
Stromedix’s leading drug candidate, STX-100, is a monoclonal antibody that selectively disrupts the TGF-beta pathway, which plays a central role in fibrotic disease. It is entering a Phase 2 trial in patients with idiopathic pulmonary fibrosis (IPF).
Biogen says STX-100 also has potential in several additional fibrotic indications given its selective mechanism of action.
In addition, the company has a preclinical compound that could be used for the treatment of injury due to inflammation.
‘We believe STX-100 has the potential to be a best-in-class therapy and it is an excellent strategic fit with our focus on highly differentiated programs with the potential to make a real difference for patients,’ said Douglas Williams, executive vice president of r&d at Biogen Idec.
‘This acquisition brings together our scientific strengths and capabilities with a clear goal of providing highly effective therapies to patients suffering from fibrosis.’
Michael Gilman, founder and ceo of Stromedix, who led Biogen Idec’s research organisation from 2000 to 2005, added: ‘By joining forces, we expect to accelerate the development of STX-100 and other promising early-stage drug candidates. This begins a new chapter for all of us at Stromedix, and we look forward to a bright future as part of Biogen Idec.’