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Lexicon acquires Symphony Icon

August 3, 2010 12:17 AM UTC

Lexicon Pharmaceuticals Inc. (NASDAQ:LXRX) exercised its option to acquire Symphony Icon Inc. (Rockville, Md.). Lexicon gained the option in 2007 when it out-licensed gastrointestinal candidates to Symphony Icon, which was formed by private equity firm Symphony Capital and co-investors with a $45 million investment. Symphony Capital will receive $10 million up front in cash and is eligible for additional deferred and contingent payments that could reach up to $80 million in cash, stock or a combination of cash and stock. ...