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Biotech / Medical : Biotech Valuation

CRSP 58.08

+0.9%

3:59 PM EST

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To: rkrw who wrote (20649)	7/31/2006 2:02:54 PM
From: dr.praveen	Read Replies (1) of 52153

Predix inks potential $300M deal with Amgen Monday July 31, 11:35 am ET Predix Pharmaceuticals Inc. has inked a development deal with biotechnology giant Amgen Inc. worth more than $300 million assuming certain milestones are met. The Lexington, Mass., company announced on Monday that it had agreed to an exclusive collaboration and licensing deal with California-based Amgen (Nasdaq: AMGN - News). Under terms of the agreement, both companies will to develop existing preclinical and new Predix compounds. Amgen will cover clinical development and commercialization costs, and the company pays $20 million up front. Predix can receive up to $287.5 million in additional payments if the drugs under development meet certain clinical, regulatory and sales milestones. In addition, Predix can earn royalties on future sales of products resulting from the collaboration. Predix has four drug candidates in clinical trials focused on anxiety disorder, Alzheimer's disease, pulmonary hypertension and obesity. Five other compounds are in preclinical development. Predix and Cambridge, Mass.-based Epix Pharmaceuticals Inc. (Nasdaq: EPIX - News) are expected to complete a $90 million merger deal by the end of this summer. Epix shareholders are scheduled to vote Aug. 15 on the merger. The company is expected to keep the Epix name.

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