Ipsen agrees takeover of Syntaxin

Ipsen has announced a deal that will see it acquire the UK-based life sciences company Syntaxin, with an upfront fee of 28 million euros (24.23 million pounds) to be paid.

The deal will also encompass potential developmental and commercial milestone-based fees that could rise to as much as 130 million euros, with the transaction aligning with Ipsen's strategy of reinforcing its core technological platforms, peptides and toxins.

Syntaxin specialises in botulinum toxin engineering and owns a portfolio that encompasses 75 granted patents and more than 130 patents pending, including recombinant botulinum toxins with improved designs and properties.

Ipsen and Syntaxin have been working together since 2010 on the development of various new therapies.

Marc de Garidel, chairman and chief executive officer of Ipsen, said: "The acquisition of Syntaxin is a considerable addition to our neurology franchise and is fully aligned with our strategy of focus."

This comes after Ipsen announced positive data from a new phase III trial of its product Somatuline Autogel last week.