ARTICLE | Company News

The Medicines Co. acquires Annovation

February 5, 2015 2:24 AM UTC

The Medicines Co. (NASDAQ:MDCO) exercised its option to acquire Annovation Biopharma Inc. (Cambridge, Mass.) for $28.4 million in cash up front. Annovation shareholders are eligible for up to $26.3 million in clinical and regulatory milestones, plus low-single digit royalties.

The Medicines Co. said Annovation's lead compound ABP-700, a positive allosteric modulator of the GABA-A receptor, demonstrated "potent and rapidly reversible anesthetic effects" in Phase I trials. The Medicines Co. had the option to acquire Annovation at the end of a proof of concept study, which Annovation completed in December 2014. ...