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Biotech / Medical : Munch-a-Biotech Today
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From: Ian@SI2/4/2010 5:10:21 PM
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4:04PM Biomarin Pharm to acquire LEAD Therapeutics (BMRN) 20.34 -0.80 : Co announced that it has entered into a stock purchase agreement to acquire LEAD Therapeutics, a small private drug discovery and early stage development company with key compound LT-673, an orally available poly (ADP-ribose) polymerase (PARP) inhibitor for the treatment of patients with rare, genetically defined cancers. Under the terms of the stock purchase agreement, BioMarin will pay to the stockholders of LEAD $18 million upfront and will pay an additional $11 million upon acceptance of the IND filing (filing expected by the end of 2010), and up to $68 million for development and launch milestones for LT-673. As a result of this acquisition, BioMarin expects to incur approximately $11.0 to $13.0 million in operating expenses and acquisition related charges in 2010. Subject to customary closing conditions, the acquisition is expected to be completed by mid-February 2010.
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