Cephalon takes up option to acquire BDC as Ph II data show positive results for sciatica drug
US drugmaker Cephalon (Nasdaq: CEPH) says that it has exercised its option to acquire spinal treatment specialist BioAssets Development Corp (BDC), following receipt of interim data from a Phase II placebo-controlled proof-of-concept study evaluating epidural administration of a tumor necrosis factor (TNF) inhibitor for the treatment of sciatica in 45 patients.
As part of the acquisition, Cephalon will gain rights to the BDC intellectual property estate covering the use of cytokine inhibitors, including TNF inhibitors, for sciatic pain in patients with intervertebral disk herniation, as well as other spinal disorders. The transaction is expected to close in mid-November.
$12.5 million payment added to $30 million option fee
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