Iconic Solution

Rather than ask Lexicon Pharmaceuticals Inc. (NASDAQ:LXRX) to cut a check for $90 million to reacquire Symphony Icon, Symphony Capital renegotiated the deal so the biotech can pay some now and some later while it builds value for both parties by continuing to move forward with the three development programs remaining in the deal.

The original 2007 deal called for Symphony and its co-investors to invest $45 million in Symphony Icon and to make a $15 million investment in Lexicon. Symphony Icon would then be responsible for developing the programs included in the deal...