A few transactions and rumors of transactions happened today in the pharma world. Firstly, Biomarin announced that it will be acquiring Pfizer's Shanbally, Cork, Ireland manufacturing plant. The price tag is $48.5 million - which Biomarin says is only 20% of the cost it would have to incur if it built a new plant from the ground. Biomarin expects to make its mucopolysaccharidosis drug GALNS in the facility when it is approved in 2015. See In-Pharma Technologist.com.
Icagen shares went up 156 percent on the news that Pfizer may be acquiring the company for its new pain drugs. The news became public through an SEC filing Pfizer made and the fact the firms were talking about something was confirmed by Icagen. Pfizer already has a deal in place with Icagen that calls for milestone payments up to $359 million and owns 14 percent of the company. See Fierce Biotech.
Genentech cut a novel deal with Forma Therapeutics to acquire an early stage cancer drug program from the latter. The deal involves a therapeutic still in animal testing that blocks cancer cell metabolism. Genetech will make an upfront payment, provide research support, and agrees to milestone payments if the drug hits certain development goals. Genentech can then acquire the program (asset) with no royalty payments. The deal would however allow Forma to pay off its investors and remain and independent company to pursue other similar targets than could be sold in like deals. See Xconomy.
Posted by Bruce Lehr June 27th 2011.