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UK: US pharma firm strikes a deal with Convergence

 |  January 14, 2015

Massachusetts-based pharmaceutical company Biogen Idec has agreed to acquire UK based Convergence Pharmaceuticals (CP).

CP is a clinical-stage biopharmaceutical company and the acquisition is centered on a drug it is testing that is for treating a chronic pain disease called trigeminal neuralgia ,which consists of episodic, debilitating facial pain. CP would initially receive $200 million with an additional $475 million paid dependant on future milestones.

The acquisition is still subject to closing conditions from the UK and the US, including the waiting period required by the Hart-Scott-Rodino Antitrust Improvements Act from the US. The companies are not expecting any major difficulties and are hoping for the acquisition to clear within the first quarter of 2015.

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