Biogen Idec To Acquire Convergence Pharmaceuticals In Deal Worth $675 Million

Biogen Idec Inc BIIB announced January 11 that it would acquire privately-held Convergence Pharmaceuticals in a deal worth $675 million.

Under the terms of the deal, Biogen Idec will pay Convergence shareholders an upfront payment of $200 million. Convergence shareholders are eligible to receive additional payments up to $475 million contingent on future milestones.

According to Bioden, the “acquisition is centered on the development of Convergence’s Phase 2 clinical candidate (CNV1014802), which has demonstrated clinical activity in proof of concept studies for trigeminal neuralgia (TGN), a chronic orphan disease consisting of debilitating, episodic facial pain.”

Biogen Idec Inc recently traded at $351.36, down 0.39 percent.