Business

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.

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.

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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.