BioMarin (BMRN) Acquires Aceras BioMedical Portfolio Company

Rodman & Renshaw Capital Group, Inc. (NASDAQ: RODM) announced that its affiliate, Aceras BioMedical LLC (Aceras), has sold Huxley Pharmaceuticals Inc. (Huxley), a portfolio company, to BioMarin Pharmaceutical Inc. (NASDAQ: BMRN).

Huxley was established by Aceras in August 2008 with a focus on developing therapeutic products for rare diseases of the nervous system.Under the terms of the agreement, BioMarin paid Huxley stockholders $15.0M. An additional $7.5M is payable upon the achievement of regulatory milestones. Further, Huxley stockholders may also receive up to an additional $36M in milestone payments if certain annual, cumulative sales and U.S. development milestones are met. Aceras owned 95% of Huxley’s stock at the time of the transaction.
Rodman & Renshaw Capital Group, Inc. (NASDAQ: RODM) is a holding company with a number of direct and indirect subsidiaries, including Rodman & Renshaw, LLC.