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Enzon approves pharma biz sale

28-Jan-2010

Enzon stockholders have approved the sale of its pharmaceutical business, which has four marketed products and a manufacturing facility, to sigma-tau for an initial $300m (€214m).

By acquiring Enzon sigma-tau will gain a manufacturing facility in Indianapolis, Indiana, US and the marketed products Oncaspar, Adagen, DepoCyt and Abelcet.

 

The approval of Enzon’s stockholders comes after the company entered into a definitive agreement to sell the business to sigma-tau. Enzon will receive $300m from sigma-tau, plus an additional amount of up to $27m in milestone payments.

 

Furthermore, Enzon will receive royalties of five to 10 per cent on incremental net sales above a 2009 baseline.

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