Biogen Idec has entered into an agreement to acquire Stromedix, Inc., a privately held biotechnology company, for $75 million in cash and additional payments of as much as $487.5 million based on development milestones across multiple indications focused on new therapies for fibrosis and organ failure. Stromedix was founded by current chief executive officer Michael Gilman, Ph.D. He previously led Biogen Idec’s research organization from 2000 to 2005. Contract Pharma interviewed Dr. Gilman in November, 2009.

Stromedix’s lead candidate, STX-100, is a novel humanized monoclonal antibody that exhibited promising anti-fibrotic activity in preclinical animal models and demonstrated an attractive safety and tolerability profile in a Phase I trial. Stromedix has also identified a series of clinical biomarkers related to STX-100. The drug is entering a Phase II trial in patients with idiopathic pulmonary fibrosis (IPF). Stromedix also has a preclinical compound for the potential treatment of injury due to inflammation.

“Fibrotic organ failure, and in particular IPF, is a terrible disease with a high mortality rate, and there are no effective treatments at this time,” said Douglas E. Williams, executive vice president of R&D at Biogen Idec. “We believe STX-100 has the potential to be a best-in-class therapy. The Phase II program complements our scientific expertise and advances our research and development efforts in immunology. We are pleased to welcome Mike and his team back to Biogen Idec to drive STX-100’s continued development. This acquisition brings together our scientific strengths and capabilities with a clear goal of providing highly effective therapies to patients suffering from fibrosis.”

“With a well-established understanding of the fundamental biology and tremendous unmet medical need, fibrosis is one of the most exciting and dynamic areas of drug development today,” said Dr. Gilman. “We appreciate Biogen’s focus in immunology and their tremendous international R&D and commercial capabilities. By joining forces, we expect to accelerate the development of STX-100 and other promising early-stage drug candidates.”