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news.Enzon Pharmaceuticals (Enzon) has announced that a special meeting held with its stockholders, has led to the approval for the sale of the company's specialty pharmaceutical business to the Sigma-tau Group.
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Enzon’s specialty pharmaceutical business includes four marketed products, Oncaspar, Adagen, DepoCyt, and Abelcet, as well as a manufacturing facility in Indianapolis, Indiana.
As previously announced, Enzon entered into a definitive agreement to sell its specialty pharmaceutical business to Sigma-tau for $300m plus, an additional amount of up to $27m based on success milestones.
The company will also receive royalties of 5 to 10% on incremental net sales above a 2009 baseline amount from its four marketed specialty pharmaceutical products through 2014.
The asset sale is expected to be completed later this week.
Enzon Pharmaceuticals is a biopharmaceutical company engaged in the development, manufacturing, commercialization of medicines for patients with cancer and other life-threatening conditions. The company also engages in contract manufacturing for several pharmaceutical companies.