Ipsen, Syntaxin, Harvard deal
Ipsen acquired the 90% of partner Syntaxin it did not already own for €28 million ($36.6 million) in cash up front, plus about €130 million ($169.8 million) in milestones. Ipsen gains Syntaxin's patent portfolio related to botulinum toxin biology, which Ipsen said will allow for the development of targeted secretion inhibitors for indications across its therapeutic areas of neurology (excluding pain), endocrinology and urologic oncology. Syntaxin cofounders Keith Foster and John Chaddock will join Ipsen to help the company build a toxin platform. Foster was named VP of scientific affairs, toxin and Chaddock was named VP of neurology research. Ipsen expects the companies to be integrated by year end. Lazard, Freshfields Bruckhaus Deringer LLP and Bristows LLP advised Ipsen, and Rothschild and Allen & Overy LLP advised Syntaxin.
Ipsen and Syntaxin partnered in 2011 to discover and develop compounds to treat botulinum toxin. Syntaxin's senrebotase ( AGN-214868, SXN100323) has completed Phase II testing to treat idiopathic overactive bladder (OAB) and urinary incontinence and post-herpetic neuralgia (PHN). The targeted secretion inhibitor is partnered with Allergan Inc. (NYSE:AGN, Irvine, Calif.) (see BioCentury, Oct. 24, 2011). ...