You can now read 5 articles in a month for free on BostonGlobe.com. Read as much as you want anywhere and anytime for just 99¢.

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

Biogen Idec Inc., 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.

Continue reading below

Programs under way at Stromedix complement Biogen Idec’s scientific expertise and advances its research and development efforts in immunology, Biogen Idec said in a press release. Biogen Idec is the world’s largest maker of medicines for multiple sclerosis.

The release included a statement from Michael Gilman, founder and chief executive of Stromedix, who said the transaction has the potential to “accelerate the development” of its early-stage drug candidates.

Privately held Stromedix’s investors include Atlas Venture, New Leaf Venture Partners, Bessemer Venture Partners, Red Abbey Venture Partners, and Frazier Healthcare.

Chris Reidy can be reached at reidy@globe.com.
Loading comments...
Subscriber Log In

You have reached the limit of 5 free articles in a month

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week
Marketing image of BostonGlobe.com
Marketing image of BostonGlobe.com
Already a subscriber?
Your city. Your stories. Your Globe.
Yours FREE for two weeks.
Enjoy free unlimited access to Globe.com for the next two weeks.
Limited time only - No credit card required!
BostonGlobe.com complimentary digital access has been provided to you, without a subscription, for free starting today and ending in 14 days. After the free trial period, your free BostonGlobe.com digital access will stop immediately unless you sign up for BostonGlobe.com digital subscription. Current print and digital subscribers are not eligible for the free trial.
Thanks & Welcome to Globe.com
You now have unlimited access for the next two weeks.
BostonGlobe.com complimentary digital access has been provided to you, without a subscription, for free starting today and ending in 14 days. After the free trial period, your free BostonGlobe.com digital access will stop immediately unless you sign up for BostonGlobe.com digital subscription. Current print and digital subscribers are not eligible for the free trial.