BioMarin to acquire Lead Therapeutics

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) will acquire Lead Therapeutics Inc. (San Bruno, Calif.) for $18 million up front, plus up to $79 million in potential milestones. The milestones include an $11 million payment upon FDA acceptance of an IND for Lead Therapeutics' LT-673, a poly(ADP-ribose) polymerase (PARP) inhibitor in preclinical testing for rare, genetically defined cancers. BioMarin plans to submit an IND by year end. It expects the deal to close this month. BioMarin also introduced 2010 revenue and non-GAAP net income guidance of $374-$405 million and $39-$49 million, respectively.

Additionally, BioMarin reported preliminary data from the first 24 weeks of a 36-week Phase I/II trial of GALNS ( BMN-110) to treat mucopolysaccharidosis IVA (MPS-IVA, Morquio's syndrome). The company said observations included improvements in a 6-minute walk test and 3-minute stair climb test. BioMarin plans to announce top-line results for the full 36 weeks next quarter. Phase III testing for the recombinant human N-acetylgalactosamine-6-sulfatase is planned for 4Q10 or 1Q11. ...