Cheshire, Conn.-based Alexion Pharmaceuticals has entered into a definitive agreement to purchase Enobia Pharma Corp., a biotechnology company headquartered in Montreal, Canada, in an all-cash deal potentially worth about $1.1 billion.
Alexion to acquire biotechnology company Enobia
Alexion agreed to pay $610 million when the deal closes and as much as $470 million "upon achievement of various regulatory and sales milestones," according to a joint news release. The transaction is expected to be completed in the first quarter of 2012.
Under the terms of the deal, Alexion will acquire all rights to asfotase alfa, Enobia's lead product developed for the treatment of hypophosphatasia, a rare, genetic metabolic bone disease. The treatment is currently in Phase II clinical development, according to the release.
"Asfotase alfa has shown very compelling Phase II clinical data in infants and juveniles with hypophosphatasia," said Dr. Leonard Bell, Alexion's CEO, in the release. "The acquisition of Enobia is very well aligned with Alexion's objective to develop and deliver life-transforming therapies for patients suffering with ultra-rare, severe and life-threatening disorders."
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