Biogen Idec acquires cancer research company

Biogen Idec has revealed that it has agreed to acquire Conforma Therapeutics, after the two parties signed a merger agreement.

Conforma researches novel cancer drugs focused on inhibiting heat shock protein 90 (HSP90) molecules which are involved in the reproduction of cancer cells. They also appear to increase resistance to anti-cancer therapies and are known as “chaperone” proteins because they follow and allow the transmission of signalling proteins between cancer cells. The company says it has two products in phase I trials, including an orally available HSP90 inhibitor.

Biogen Idec said the acquisition is the latest step in its quest to become a world leader in anti-cancer drug development and sales. The company’s chief executive and president, James C. Mullen, said: “Conforma’s platforms in the promising area of HSP90 antagonists provide significant opportunities to develop drugs for a range of solid tumors. Through this transaction, Biogen Idec will also broaden our therapeutic opportunities in the cancer field while adding Conforma’s talented scientific team to our oncology group.”

Lawrence C. Fritz, Conforma’s president and chief executive officer, added: “Biogen Idec’s global resources and commitment to advancing breakthrough therapies make them an ideal partner for us and we look forward to joining them.”

Biogen Idec will pay $150 million (81.6 million pounds) for Conforma’s shares and will pay a further $100 million on the completion of certain milestones.

In 2003 Biogen merged with Idec to form a new company. Last year it had to withdraw Tysabri, a multiple-sclerosis, along with Elan, due to reported deaths from the drug’s more extreme side-effects. Recently it has been re-approved for use after a period of further study.

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