Enzon Pharmaceuticals (ENZN) to Sell Its Specialty Pharma Business to Sigma-Tau Group for Over $300 Million
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- Enzon Pharmaceuticals (ENZN) to Sell Its Specialty Pharma Business to Sigma-Tau Group for Over $300 Million
- Enzon Announces Agreement to Sell Specialty Pharmaceutical Business
Enzon Pharmaceuticals, Inc. (Nasdaq: ENZN) has entered into a definitive agreement to sell its specialty pharmaceutical business to the sigma-tau Group for $300 million plus an additional amount of up to $27 million based on success milestones. Enzon will also receive royalties of 5 to 10 percent on incremental net sales above a 2009 baseline amount from Enzon's four marketed specialty pharmaceutical products through 2014.
After the sale of these assets, Enzon's businesses will consist of its royalties, Peg SN38 and our LNA and PEG technology platforms. "Enzon's Board of Directors is evaluating options to return most of the value of this sale to shareholders" stated Alex Denner, Chairman. "We will refocus the company on our royalty business, pipeline, and technology platforms."
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