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Biogen Idec agrees to buy Stromedix in deal worth up to $562m

By Chris Reidy

 |  Globe Staff  

  February 14, 2012

Biogen Idec, a large biotechnology company based in Weston, said it has agreed to buy Stromedix Inc., a privately held biotechnology company focused on therapies for fibrosis and organ failure. Under the agreement, Biogen Idec said it will make an upfront cash payment of $75 million and additional contingent value payments of up to $487.5 million based on the achievement of development and approval milestones. Programs under way at Stromedix complement Biogen Idec’s scientific expertise and advances its research and development efforts in immunology.

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