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. (more…)
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