Enzon sells specialty drug business for up to $327 million.

According to Dow Jones newsletter reports, Enzon Pharmaceuticals Inc. said Monday it is selling most of its business to Italian drugmaker sigma-tau Group and will focus on its experimental cancer drugs and technologies." Enzon "will get $300 million upfront, along with milestone payments of as much as $27 million," and "sigma-tau could also pay Enzon royalties on Enzon's four approved drugs through 2014." Reports further state that sigma-tau is purchasing "cancer drug Oncaspar [pegaspargase], fungal infection treatment Abelcet [amphotericin B], meningitis drug DepoCyt [cytarabine liposome injection], and Adagen [pegademase bovine], which is used for severe combined immunodeficiency disease.

Reference-

http://www.pharm-education.com/2009/12/medicine-business-news-upate.html

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