'Welcome home': Stromedix buy brings fibrosis drug back to Biogen
This article was originally published in Scrip
Biogen Idec has agreed to acquire five-year-old, privately-held Stromedix Inc for $75 million upfront and up to $487.5 million in milestones. But there is a twist to the buyout, as the research programme at the heart of the startup – which is also behind a candidate for idiopathic pulmonary fibrosis (IPF) - began at Biogen.
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The company has discontinued a Phase II trial for BG00011, which was acquired in its 2012 Stromedix purchase, due to safety issues.
CEO Michael Gilman, who now helms the company full time, said Arrakis will use its Series B venture capital funding to build a pipeline of drug candidates, primarily in cancer, with the goal of taking its first medicines into the clinic in the next two to three years.
Serial entrepreneur Michael Gilman has taken the helm of another start-up; after selling Padlock to Bristol-Myers and Stromedix to Biogen, his new company Arrakis has raised a $38m Series A round with big biopharma backing.