Predix shareholders may receive an additional milestone payment of $35 million upon the achievement of certain unspecified clinical or strategic objectives.
Epix is a developer of pharmaceuticals for magnetic resonance imaging (MRI), whilst Predix is focused on the discovery and development of novel, highly selective, small-molecule drugs that target G-protein coupled receptors (GPCRs) and ion channels.
The combined company’s lead product will be Vasovist, Epix’s novel blood pool imaging agent. Vasovist is expected to be marketed in Europe by Schering AG and is the subject of ongoing discussions with the FDA.
The combined companies pipeline will also include a phase III treatment for anxiety, a blood clot imaging agent in phase II, and a treatment for Alzheimer’s disease which is expected to enter phase II later this year.
According to Epix, the intention of the combined company will be to license its later-stage products to larger pharmaceutical or biotechnology companies at a point where it can maximize the value of these products.
“This transaction combines Epix’s approved product in Europe, phase II candidate, preclinical compounds, operating infrastructure, cash and access to capital with Predix’s therapeutic product pipeline, which we believe will allow us to maximize the development and partnership opportunities for our lead therapeutic products,” said Dr Michael Kauffman, president and CEO of Predix.