Ipsen makes acquisition and signs R&D deal with Harvard

French drugmaker Ipsen (Euronext: IPN) has acquired UK life sciences company Syntaxin for an upfront payment of 28 million euros ($36.5 million) in a deal announced today.

Under the terms of the agreement, Ipsen will also make further contingent payments that could reach more than 130 million euros depending on the achievement of development and commercial milestones. Syntaxin’s shareholders will receive the greater part of additional downstream payments related to the company’s lead candidate, currently in Phase II clinical trials. Before the deal Ipsen owned about 10% of Syntaxin’s capital on a fully diluted basis.

Marc de Garidel, chairman and chief executive of Ipsen, said: “We are very pleased to see Syntaxin become part of Ipsen. This is an important step in our ambition to become a global leader in targeted debilitating diseases. The acquisition of Syntaxin is a considerable addition to our neurology franchise and is fully aligned with our strategy of focus.”