BioMarin Pharmaceutical Inc has reached a definitive agreement to acquire Synapse Technologies Inc, a biopharmaceutical company based in Vancouver. BioMarin intends to use Synapse's proprietary technology to deliver therapeutic enzymes and other drugs across the blood- brain barrier by means of traditional intravenous injections. BioMarin will evaluate opportunities in lysosomal storage disorders using the Synapse technology to deliver enzyme replacement therapies to brain cells in order to treat the neurological effects of these genetic diseases.
Under the terms of the agreement, BioMarin will purchase 100% of the outstanding shares of Synapse for approximately US$10.18 million by exchanging 885,275 shares of BioMarin common stock at a value of US$11.50 per share. BioMarin will also make contingent payments post-closing to Synapse stockholders in either cash or BioMarin stock of up to approximately US$5.1 million upon reaching certain development milestones.
The boards of directors of BioMarin and Synapse have approved the transaction, which is subject to approval of the shareholders of Synapse, approval of the Supreme Court of British Columbia after a hearing on the fairness of the terms and conditions of the acquisition, and customary closing conditions. The transaction is expected to close in the first quarter of 2002.
The blood-brain barrier is the brain's first line of defense against potentially harmful compounds and pathogens. It is also the major obstacle to developing drugs for the brain. Synapse's research involves the proprietary use of a natural human blood protein known as p97 that is being developed to transport both large and small molecule drugs as "payloads" across the blood- brain barrier and into brain cells. BioMarin is developing enzyme replacement therapies for lysosomal storage disorders and intends to use p97 to transport therapeutic enzymes across the blood-brain barrier into the brain for the treatment of the central nervous system effects -- such as delayed mental development -- that are associated with many lysosomal storage disorders.
Synapse has conducted preclinical studies using intravenously administrated p97-enzyme conjugates that have demonstrated successful delivery of enzymes to the brain. Most importantly, the experiments have shown that these p97-enzyme conjugates remain active in brain tissue and appear within the brain cells in as little as 15 minutes after intravenous administration.
In addition, Synapse has demonstrated in animal models that it can deliver therapeutic doses of doxorubicin, an approved small molecule cancer drug that currently does not penetrate the blood-brain barrier on its own, to the brain using the p97 delivery system.