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12:00 AM
Nov 16, 2009
 |  BioCentury  |  Strategy

Leftovers in Enzon's refrigerator

Now that activist shareholders have won their two-year battle to restructure Enzon Pharmaceuticals Inc., the question is what will happen to the development stage assets that remain.

Last week, the company announced it will sell its specialty pharma business to Sigma-Tau S.p.A. The deal includes Enzon's four marketed products: Oncaspar pegaspargase for acute lymphoblastic leukemia (ALL); Adagen enzyme replacement therapy for severe combined immunodeficiency disease (SCID); DepoCyt Ara-C for lymphomatous meningitis; and Abelcet amphotericin B for fungal infections. Sigma-Tau also gains Enzon's Indianapolis, Ind., manufacturing facility.

Enzon will receive $300 million up front and is eligible for $27 million in milestones related to future approvals of Oncaspar in the U.S. and EU, plus 5-10% royalties through 2014. The products had sales of $88.3 million for the nine months ended Sept. 30.

Enzon retains EZN-2208,...

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