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Article: Medarex Paying $4.7M To Acquire Ability Biomedical.
- Article from:
- BIOWORLD Today
- Article date:
- November 3, 2009
CopyrightCOPYRIGHT 2009 A Thomson Healthcare Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Senior Staff Writer
In an effort to strengthen its pipeline, Medarex Inc. agreed to buy a Canadian firm with intellectual property related to a protein they had jointly targeted through a year-old partnership.
The Princeton, N.J.-based company entered an agreement to acquire privately held Ability Biomedical Corp. for about $4.7 million through a combination of cash and stock. The purchase brings on board intellectual property related to IP-10 (interferon-inducible protein-10), a protein also known as CXCL10 that is believed to be associated with immune disorders such as multiple sclerosis, rheumatoid arthritis, inflammatory bowel disease, chronic ...