Monday, January 31, 2011

Taligen Therapeutics acquired for $111M

By Michelle Lang

Cambridge biotech Taligen Therapeutics Inc. has been acquired by Alexion Pharmaceuticals Inc., a Connecticut therapeutics firm, for $111 million in an up front cash payment.

Alexion develops treatments for ematologic and kidney diseases, neurologic disorders, transplants, inflammatory disorders and cancer. With the new acquisition, the company adds therapeutic coverage, for instance, of opthalmic diseases like age-related macular degeneration.

The Connecticut company also said in a press release that it brings “additional accomplished researchers to the company.” The Taligen staff will form Alexion’s new Translational Medicine Group, to be based in Cambridge and headed by Abbie Celniker, the former CEO of Taligen and a 2010 Mass High Tech All Star.

The $111 million price tag covers all of Taligen’s equity. Further milestone payments could be made to Taligen for development of six products in the U.S. and European Union.

Taligen is backed by Clarus Ventures, Alta Partners, Sanderling Ventures and High Country Venture. The four investors all participated in Taligen’s $36 million Series B round, which attracted its most recent contribution in August 2010. 

Taligen’s lead candidates are monoclonal antibodies and recombinant fusion proteins. The company was also granted a patent from the U.S. Patent and Trademark Office for the composition of TT30. The patent, “Targeting Complement Factor H For Treatment of Diseases,” includes method of treatment claims that could apply to diseases such as macular degeneration, rheumatoid arthritis, ischemia reperfusion, organ transplant rejection, membranoproliferative glomerulonephritis type II (MPGN II), hemolytic uremic syndrome (HUS) and lupus nephritis, officials said.

In July of 2008, Taligen moved to Cambridge from Denver and tapped Celniker as its CEO.