Enzon Pharmaceuticals, Inc. announced plans to spin off its biotechnology business into an independent company focusing on the development of cancer treatments. Enzon will fund the new company with $150 million, which is expected to provide two to three years of R&D activity. The transaction, which is subject to approval from Enzon's board of directors, is expected to close in the fourth quarter.
   
Jeffrey H. Buchalter, Enzon's chief executive officer, will head the new company and Enzon's current chief financial officer, Craig Tooman will be responsible for the specialty pharmaceuticals business. Each company will have separate management teams.
   
"By separating these unique businesses into two focused companies, the opportunities for both the specialty pharmaceutical business and the biotechnology business could be substantially enhanced and greater value could be created than under the current structure," said Mr. Buchalter.
   
Enzon will also retain rights to its currently marketed drugs, which include Oncaspar for leukemia, Depocyt for meningitis, Abelcet for fungal infections and Adagen for severe combined immunodeficiency disease. In addition, it will retain rights to its royalty revenues.
   
The company also recently reported 1Q08 results. Revenues were $48.8 million (+18%). Earnings were $1.5 million compared to a loss of $2.8 million in 1Q07.

Quintiles Transnational Corp. has signed an agreement to acquire Eidetics, a privately held consulting firm located in Boston. Eidetics provides research-based market insights and data analytics to support business decision making in drug development and commercialization. No purchase price was disclosed.
   
The acquisition of expands Quintiles' consulting offerings in the areas of product development, commercialization and market access. Quintiles is expanding its consulting practices in an effort to help its pharmaceutical, biotech and medical device clients navigate the complex business environment.
   
"The addition of Eidetics to our Quintiles Consulting business will further strengthen our ability to provide our clients with distinctive, data-driven, strategic solutions to their toughest challenges throughout the product lifecycle," said Jay Norman, president, Quintiles Consulting.
   
"We are excited about the opportunity to become part of the Quintiles organization," said Jim Kirk, partner at Eidetics. "We believe that joining Quintiles Consulting will build upon the past success of Eidetics' business, while providing our clients enhanced clinical, patient and provider data, greater therapeutic depth and access to global resources."

Eli Lilly and Co. received approval from the FDA for Strattera for maintenance treatment of Attention-Deficit/Hyperactivity Disorder (ADHD) in children and adolescents. Strattera, a selective norepinephrine reuptake inhibitor, is the first FDA-approved non-stimulant to treat ADHD in children, adolescents and adults.
   
The safety and efficacy of Strattera in the maintenance of ADHD was demonstrated in an 18-month trial of about 600 pateints aged six to 15 years, who met DSM-IV (Diagnostic and Statistical Manual of Mental Disorders) criteria for ADHD. The study showed Strattera was superior to placebo in maintaining continuous efficacy in patients, as measured by the ADHD Rating Scale (ADHD-RS). Additionally, patients taking Strattera had lower relapse rates (3%) as compared to patients taking placebo (12%). Strattera was generally well tolerated. The most common side effects reported in the study were headache and the common cold (nasopharyngitis).