Biogen Idec and Conforma Therapeutics Corporation have signed a definitive merger agreement for the acquisition of Conforma by Biogen Idec.
"Global leadership in oncology from discovery to development to commercialization is a major strategic objective for Biogen Idec," said James C. Mullen, Biogen Idec's president and CEO. "Conforma's platforms in the promising area of HSP90 antagonists provide significant opportunities to develop drugs for a range of solid tumours. Through this transaction, Biogen Idec will also broaden our therapeutic opportunities in the cancer field while adding Conforma's talented scientific team to our oncology group," he added.
"Biogen Idec is a premier biotechnology organization that has pioneered important medical advances in areas of high unmet need. Working together will better enable the development of our innovative therapeutics and will open opportunities for further application of our technology platforms," Lawrence C. Fritz, president and CEO of Conforma said adding, "Biogen Idec's global resources and commitment to advancing breakthrough therapies make them an ideal partner for us and we look forward to joining them."
According to the release, the transaction is expected to close in the second quarter of 2006.Following the transaction's close, Conforma's operations and employees will be integrated into Biogen Idec's San Diego campus, the company's oncology centre of excellence. Conforma's Technology Platform: Inhibiting HSP90 Chaperones.
Cancer occurs when certain signalling proteins, such as kinases and nuclear receptors, mutate or become over expressed. Recent discoveries in cell biology have demonstrated that many of these key signalling proteins require the action of a family of molecular "chaperones" known as the HSP90 chaperone family in order to be properly folded and thus maintain activity. Drugs that bind to HSP90 chaperones may induce these critical signalling proteins to degrade, leading to tumour cell death. Conforma's drug candidates specifically bind to activated forms of HSP90 and thus attack tumour cells, sparing normal tissues.
Conforma, founded in 1999, is focused on the discovery and development of drugs that inhibit HSP90 molecules, which are involved in protecting and supporting the growth of cancer cells across a range of tumour types, and which also play a role in tumour resistance to a number of leading cancer therapies. The company has advanced two compounds into Phase I clinical trials: CNF1010, a proprietary form of the geldanamycin derivative 17-AAG; and CNF2024, a totally synthetic, orally bioavailable HSP90 inhibitor.