Wednesday, February 1, 2012

Sangamo's 'zinc finger' picks $13M payment from Shire for hemophilia

Shares of Sangamo BioSciences Inc. surged more than 25 percent after the Richmond-based company said it would work with Shire plc to develop drugs for hemophilia and other diseases.
Shire (NASDAQ: SHPGY) will pay Sangamo (NASDAQ: SGMO) $13 million upfront for exclusive worldwide rights to Sangamo’s “zinc finger” protein technology to target up to seven genes to stop the bleeding disorders hemophilia A and B.
The agreement, concluded Tuesday, will continue for six years.

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