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12:00 AM
Dec 18, 2006
 |  BioCentury  |  Strategy

Epix predictably happy

After an early disappointment out of the starting gate, Epix Pharmaceuticals Inc. now has put a second leg under its efforts to monetize its acquisition of neurology platform company Predix Pharmaceuticals Inc. earlier this year.

Last week, Epix (EPIX, Lexington, Mass.) said it would receive $35 million up front from GlaxoSmithKline plc in exchange for EPIX's PRX-03140 and three other programs for GPCR targets that the companies will pick jointly.

EPIX announced it would buy Predix last March. By the time the deal closed in August, the price totaled $134.2 million, which included the issuance of 13.6 million EPIX shares at $7.28 for a total of $99 million.

The rest of the price was to be for milestones, of which $20 million has been paid in cash from a partner and another $15 million of which likely will be paid in EPIX stock on Oct. 29, 2007.

Predix brought in $12.8 million in cash.

A few weeks before the acquisition closed, Predix announced a deal under which Amgen Inc. (AMGN, Thousand Oaks, Calif.) would develop and commercialize Predix's oral sphingosine 1-phosphate 1...

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