Biogen Idec signed a definitive agreement to acquire privately-held Fumapharm, the companies announced Wednesday. The transaction, which was approved by both companies' boards, is expected to close within the next two months.
The acquisition supports Biogen's goal to develop multiple sclerosis products, Biogen said, news sources report. Financial terms of the agreement were not disclosed.
The companies are currently evaluating experimental drug BG-12 in a range of diseases, including multiple sclerosis and psoriasis. Biogen licensed the worldwide rights to BG-12 from the Swiss company in 2003. Additionally, Fumapharm sells psoriasis drug Fumaderm in Germany and Biogen said it plans to take over the drug's manufacturing and marketing once the acquisition is final.
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