BioMarin Buys Zacharon Pharma for $10M
BioMarin Pharmaceutical Inc. (Nasdaq: BMRN) announced today that it has acquired Zacharon Pharmaceuticals, a private biotechnology company based in San Diego focused on developing small molecules targeting pathways of glycan and glycolipid metabolism.
Zacharon drug discovery projects include two ongoing lead optimization programs, inhibition of heparan sulfate synthesis for MPS III and other MPS disorders, and inhibition of ganglioside synthesis for diseases such as Tay Sachs and Sandhoff. Zacharon's proprietary SensiPro^® platform is a powerful technology for analysis of specific carbohydrate structures and therefore the identification of candidate drugs to treat those conditions.
Under the terms of the stock purchase agreement, BioMarin paid $10 million upfront for 100 percent of Zacharon's share capital and may make potential additional payments for clinical, regulatory and commercial milestones. The costs to be incurred in 2013 of acquiring Zacharon and absorbing its operations is covered by the previously provided 2013 R&D expense guidance.
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.