Biogen Idec to Acquire Syntonix

PharmaManufacturing.com
01/04/2007

Biogen Idec (Cambridge, Mass.) and Syntonix Pharmaceuticals (Waltham, Mass) announced Jan. 4 that they have signed a definitive agreement for Biogen Idec to acquire Syntonix. A privately held biopharmaceutical company focused on discovering and developing long-acting therapeutic products to improve treatment regimens for chronic diseases, Syntonix has multiple pre-clinical programs in hemophilia.

Syntonix uses proprietary technologies to harness the human body's natural pathways for protecting antibodies against premature destruction and for transporting antibodies across cell barriers such as those in the lungs. These technologies may enhance the delivery of biopharmaceuticals through less frequent injections or by enabling pulmonary delivery.

Syntonix's lead product, FIX:Fc, is a proprietary long-acting factor IX product for the treatment of hemophilia B. It has the potential to reduce the frequency of intravenous injections required for disease management. Syntonix is expected to file an investigational new drug application with the Food and Drug Administration for FIX:Fc in 2007.

"With this transaction, we continue to deliver on our strategic initiative to enhance our pipeline and expand into additional specialized markets," said James C. Mullen, Biogen Idec's President and Chief Executive Officer. "Syntonix brings promising science and technology to areas of unmet medical need such as hemophilia, and we look forward to building on their expertise with Biogen Idec's global development, manufacturing, and commercial capabilities."

"In pursuing next steps for Syntonix, joining forces with Biogen Idec was the best option for all stakeholders, including -- over the long-term -- patients," said John W. Ripple, CEO of Syntonix. "As a global leader in biomanufacturing and serving niche markets, Biogen Idec is well-poised to deliver on the promise of hemophilia therapies that require less frequent dosing."

The transaction is expected to close in the first quarter of 2007. Upon completion, Biogen Idec will acquire all of the issued and outstanding shares of the capital stock of Syntonix for $40 million, payable at closing, and potential additional payments of up to $80 million upon the achievement of certain development milestones.

Contingent on the closing of the acquisition, Biogen Idec plans to maintain Syntonix's 25,000 square-foot facility in Waltham for the continuing operation of Syntonix programs. The transaction, which has been approved by the boards of directors of both companies, is subject to customary closing conditions.

SynFusion drugs are based on proprietary Fc-fusion technology to create long-acting biopharmaceuticals with reduced dosing frequencies. Specifically, the SynFusion technology links a single copy of the drug to the Fc region on an antibody to optimize the pharmacokinetic and pharmacodynamic properties of the biopharmaceutical and extending its circulating half-life.

Transceptor is a proprietary technology that enables pulmonary delivery of a SynFusion or Fc-fusion drug. The natural FcRn pathway transports antibodies and Fc-fusion drugs across the epithelial cell barrier in the lungs.

To learn more about Syntonix, visit www.syntnx.com. Additional information on Biogen Idec may be found at www.biogenidec.com.