MRI contrast developer Epix Pharmaceuticals has announced a plan to acquire Predix Pharmaceuticals Holdings, a privately held specialty pharmaceutical firm.
Under the terms of the deal, Epix will buy Predix for $90 million, including the assumption of debt. Predix shareholders will also receive a possible $35 million milestone payment on the achievement of certain clinical or strategic milestones.
Predix specializes in highly selective, small-molecule drugs that target G-protein coupled receptors (GPCRs) and ion channels. It has several drugs in the development pipeline, including pharmaceuticals for treating anxiety, Alzheimer's disease, and pulmonary arterial hypertension.
The intention of the combined company will be to license its later-stage products to larger pharmaceutical or biotechnology companies to maximize the value of these products, the companies said.
By AuntMinnie.com staff writers
April 3, 2006
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