BioMarin Pharmaceutical Inc. (BMRN: Quote) said it reached a stock purchase agreement to buy LEAD Therapeutics, Inc., a private drug discovery and early stage development company. Under the terms of the stock purchase agreement, BioMarin would pay to the stockholders of LEAD $18 million upfront and would pay an additional $11 million upon acceptance of the IND filing, and up to $68 million for development and launch milestones for LT-673. As a result of the deal, BioMarin expects to incur approximately $11.0 to $13.0 million in operating expenses and acquisition related charges in 2010. The acquisition is expected to be completed by mid-February 2010.
by RTT Staff Writer
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