PARIS (Reuters) - French drugmaker Ipsen (IPN.PA) said it bought UK-based private life sciences company Syntaxin to strengthen its neurology research and development business.
Ipsen will initially pay 28 million euros (24.4 million pounds) for the company, followed by further payments of up to 130 million based on reaching development and commercial targets, it said in a statement on Monday.
Syntaxin and Ipsen started collaborating in 2010 and the French company already owned about 10 percent of Syntaxin’s capital. Syntaxin also has an alliance with U.S. Botox maker Allergan (AGN.N).
“This is an important step in our ambition to become a global leader in targeted debilitating diseases,” Ipsen head Marc de Garidel said. “The acquisition of Syntaxin is a considerable addition to our neurology franchise.”
Syntaxin specialises in botulinum toxin engineering, which can be used to block muscle spasms and tremors, and has a pipeline of potential treatments for pain and cancer.
Ipsen said it expects to complete the integration of Syntaxin by the end of the year.
The French company said separately it had signed an agreement to fund research for at least three years at Harvard Medical School to discover and develop treatments for serious neurologic diseases. It did not give financial details.
Reporting by James Regan; Editing by David Holmes