Thursday, March 15, 2012

Shire to buy drug developer FerroKin for up to $325M

Irish drug developer Shire will pay $100 million upfront and up to $225 million in milestone payments for a small, virtual company started by an adjunct scientist at Children’s Hospital Oakland Research Institute.
FerroKin BioSciences Inc., launched by Dr. Hugh Young Rienhoff Jr. in 2007, is working on a once-daily oral capsule to treat chronic blood transfusion patients who suffer from iron overload. Such iron buildups in patients with sickle cell anemia, thalassemia or myelodysplastic syndrome increase the risk of heart, liver or other organ failure.

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