Cardiome to acquire Artesian

Cardiome (TSX:COM; CRME) will acquire cardiovascular disease company Artesian (Gaithersburg, Maryland) for up to $32 million in milestone payments for each of the first two Artesian compounds to receive FDA approval, or $64 million. Artesian has two preclinical small molecule programs to treat congestive heart failure (CHF). The first compound is expected to begin clinical testing within the next 12 months. The acquisition is expected to close in October. Concurrent with the close of the deal, Oxford Biosciences, Artesian's largest shareholder, will invest $7.5 million in COM. ...