Lots of biotech, financial, and biotech financial news in today’s Finance Roundup.
• Biotech CombinatoRx to merge with Canada’s Neuromed Pharma
Under the terms of the agreement, Cambridge-based CombinatoRx (Nasdaq: CRXX) will issue shares of common stock to Neuromed stockholders so that, post merger, each company’s shareholders will have 50 percent of the voting power in the combined company. As part of the deal, commercial rights to Neuromed’s pain-management drug candidate Exalgo were sold to Mallinckrodt Inc., a subsidiary of Covidien plc. The deal included an upfront payment of $15 million.
• Cambridge’s Biogen inks $500M deal for MS drug
The drug in question is MS treatment Fampridine-SR, and Cambridge-based Biogen (Nasdaq: BIIB) has licensed its rights for markets outside the United States. Biogen will give Acorda (Nasdaq: ACOR) $100 million in upfront payments and could provide as much as $400 million more based on reaching regulatory and sales milestones, according to officials.
Despite this morning’s news of the $107 million raised through an IPO by LogMeIn Inc. , New England’s VC-backed companies were poorly represented among the quarter’s top M&A and IPO deals. Just one Massachusetts company was among the top M&A deals — Network communications equipment maker Acme Packet Inc.’s purchase of privately held Maynard-based Covergence Inc. in April for $22.8 million.
• NMT Medical adds $4M loan to coffers
Boston-based device maker NMT Medical Inc. has received a two-year line of credit worth $4 million from Silicon Valley Bank. The loan will be used to help finance the company’s clinical trials and development programs, NMT Medical officials said in a press release.
• Phase Forward, GSK sign multi-million dollar deal
GlaxoSmithKline has signed a multi-year, multi-million dollar contract with Waltham-based Phase Forward Inc., which offers data management solutions for clinical trials and drug safety. The deal centers around Phase Forward’s InForm Integrated Trial Management solution, which GSK has used since 2004 in conducting about 600 clinical trials to date.
• Nasdaq issues delisting notice to Biopure
Biopure Corp., a developer of blood-replacement technologies, has received — and will not challenge — a delisting notice from The Nasdaq Stock Market for falling below the exchange’s minimum equity-value requirement. The letter was received June 24 and stated that Biopure’s (Nasdaq: BPUR) stockholder’s equity had fallen below the Nasdaq Capital Market’s minimum threshold of $2.5 million.
Posted by Brendan Lynch
Tags: Acme Packet, Biogen Idec, Biopure, CombinatoRx, GlaxoSmithKline, IPOs, LogMeIn, M&As, Nasdaq, NMT Medical, Phase Forward
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