September 26, 2018 / 10:48 AM / 2 months ago

Alexion to buy biotech firm Syntimmune for up to $1.2 billion

(Reuters) - Alexion Pharmaceuticals Inc (ALXN.O) said on Wednesday it would buy privately held biotech company Syntimmune for a total value of up to $1.2 billion, bolstering its portfolio of drugs to treat rare disorders.

The deal will give Alexion access to Syntimmune’s lead drug candidate SYNT001, which is currently in clinical development to treat warm autoimmune hemolytic anemia, a rare form of blood disorder.

Alexion said it would make an upfront payment of $400 million and additional milestone-dependent payments of up to $800 million.

The deal follows its acquisition of Swedish drug developer Wilson Therapeutics for $855 million in April.

“The acquisition of Syntimmune represents a critical step in rebuilding Alexion’s pipeline and further diversifying the company’s clinical-stage rare disease portfolio,” Alexion’s Chief Executive Ludwig Hantson said in a statement.

Alexion said it intends to finance the transaction through cash on hand.

Reporting by Saumya Sibi Joseph and Manogna Maddipatla in Bengaluru; Editing by Anil D'Silva

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