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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.

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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
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