Biogen Idec in deal to buy Stromedix

15 February 2012

US biotech firm Biogen Idec (Nasdaq: BIIB) has entered into a definitive agreement to acquire Stromedix, a privately-held biotechnology company focused on innovative therapies for fibrosis and organ failure, for a possbile consideration of over $560 million.

Under the terms of the accord, Biogen Idec will make an upfront cash payment of $75 million and additional contingent value payments of up to $487.5 million based on the achievement of certain development and approval milestones across multiple indications.

Brings in candidate for treatment of fibrosis

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