ARTICLE | Company News

Biogen Idec, Conforma deal

May 8, 2006 7:00 AM UTC

BIIB agreed to acquire cancer company Conforma for $150 million in cash. Conforma has two Hsp90 inhibitors in Phase I testing for hematologic and solid tumors: CNF1010, which is an IV formulation of the geldanamycin derivative 17-AAG, and oral CNF2024. Conforma shareholders are eligible for up to $100 million in milestones. Montgomery & Co. advised Conforma on the deal, which is expected to close this quarter.

The deal excludes Conforma's rights to amrubicin, which will be spun out into newco Cabrellis. Conforma has North American and European rights to the lung cancer product from Dainippon Sumitomo Pharma Co. Ltd. (Tokyo:4506, Osaka, Japan) which markets it in Japan. The third-generation synthetic anthracycline is expected to begin Phase II testing for small cell lung cancer (SCLC) in the U.S. and Europe this quarter. ...