Ipsen announced the acquisition of Syntaxin, a UK-based private life sciences company which specializes in botulinum toxin engineering. As part of the agreement, Ipsen will pay Syntaxin Eur28 million upfront, as well as contingent payments estimated to reach Eur130 million or more. The amount will depend on the achievement of development and commercial milestones for Ipsen and Syntaxin.
Shareholders for Syntaxin will receive the greater part of the additional payments. The revenue will be related to the company's most advanced asset, which is the Phase II of clinical trials.
The acquisition fits into the Ipsen strategy to reinforce its core technological platforms, peptides and toxins. Syntaxin's wealth of experience in botulinum toxin biology was supported by the extensive patent portfolios that the company owns. Syntaxin currently holds 75 granted patents and over 130 patents pending. Syntaxin and Ipsen started their collaboration in 2010. In 2011, Syntaxin and Ipsen signed a global strategic partnership for the discovery and development of new compounds in the field of recombinant botulinum toxins.
Marc de Garidel, Chairman and CEO of Ipsen stated: "We are very pleased to see Syntaxin become part of Ipsen. This is an important step in our ambition to become a global leader in targeted debilitating diseases. The acquisition of Syntaxin is a considerable addition to our neurology franchise and is fully aligned with our strategy of focus."
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