PPD acquires Magen BioSciences for $14.5m

PPD, a contract research organization, has acquired Magen BioSciences, a biotechnology company focused on dermatologic therapies based in Waltham, Massachusetts. Under the terms of the deal, PPD purchased Magen for $14.5m in cash.

According to PPD, the acquisition expands its compound partnering program into dermatology, initially in the indications of psoriasis, atopic dermatitis and acne.

With the acquisition, PPD gains a pipeline of compounds through Magen’s exclusive license to develop and commercialize preclinical compounds discovered by Eli Lilly & Co for dermatologic therapeutics. The acquisition also provides PPD with the R&D capability to screen dermatologic compounds to determine efficacy and safety.

Sandra Luikenhuis, who was integral in founding and growing Magen and who joined PPD with the acquisition, will oversee development of these compounds in her role as executive director, dermatology.

PPD has also entered into a definitive agreement to sell its Piedmont Research Center business, subject to various closing conditions.

Fred Eshelman, CEO of PPD, said: By combining Magen’s dermal biology expertise and innovative pipeline of compounds with our extensive development experience, we hope to develop compounds that address unmet needs for major dermatological disorders.

PPD, a contract research organization focused on discovery, development and post-approval services as well as compound partnering programs. Company’s clientele and partners include pharmaceutical, biotechnology, medical device, academic and government organizations.