jump to navigation

Magen Biosciences, a Waltham, MA-based company focused on novel dermatology treatments, is acquired by the contract research firm PPD for $14.5 million December 18, 2010

Posted by HubTechInsider in Acquisitions, Biotech, Health Care IT, Pharmaceuticals, Startups.
Tags: , , , , , , , , , , , , , ,
trackback
Image representing Magen BioSciences as depict...

Image via CrunchBase

Magen Biosciences, a Waltham, MA-based company focused on novel dermatology treatments, will be acquired by the contract research firm PPD for $14.5 million. The firm was founded in 2006 by a well known group of biotech entrepreneuers and investors, including Rich Aldrich, founder of RA Capital, David Fisher, chief of dermatology at Massachusetts General Hospital, and Christoph Westphal, co-founder of Sirtris Pharmaceuticals. Having raised $17 million in seed and Series A financing from a syndicate of backers including ARCH Venture Partners, TVM Capital, and IDG Ventures (now Flybridge Capital Partners), the purchase price is unlikely to result in an exit for Magen’s backers.

Back in 2008, Magen inlicensed for an undisclosed sum a number of derm compounds from Eli Lilly that showed positive anti-inflammatory and anti-proliferative results in preclinical studies. It’s a good thing they did: those compounds were the primary reason for PPD’s interest in the biotech. The buy-out gives PPD an entrée into the specialist field of dermatology. In a press release announcing the news, PPD CEO Fred Eshelman noted that dermatologic treatments generally have a “more straightforward path to regulatory approval.” That’s certainly part of the logic behind moves of another specialist drug maker, Valeant, which is trying to brand itself as a derm power-house thanks to the recent acquisitions of Coria Laboratories, Dow, and DermaTech.

Comments»

No comments yet — be the first.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: