GelTex Pharmaceuticals Inc.'s bargain basement acquisition of SunPharm Corp. both expands its portfolio of binding technologies and provides it with the ability to take more shots on the clinical goal.

SUNP, which had raised about $20.9 million and had about $650,000 in cash at June 30, will be acquired for about $16.5 million in GELX stock. Through the deal, GELX will be able to combine its nonabsorbed polymer technology with SUNP's polyamine technology, as well as adding SUNP's iron chelator technology, all of which have a role in binding compounds.