Enzon stockholders approve sale of specialty pharmaceutical business

Biopharmaceutical maker Enzon Pharmaceuticals, said that at the special meeting held yesterday its stockholders have approved the sale of Enzon's specialty pharmaceutical business to Italian owned Sigma-Tau Group.

Enzon's specialty pharmaceutical business includes four marketed products, Oncaspar, Adagen, DepoCyt, and Abelcet, as well as a manufacturing facility in Indianapolis, Indiana.

Enzon will receive $300 million plus an additional amount of up to $27 million based on success milestones.

Enzon will also receive royalties of 5 to 10 per cent on incremental net sales above a 2009 baseline amount from Enzon's four marketed specialty pharmaceutical products through 2014.

In November 2009, Enzon  entered into a definitive agreement to sell its specialty pharmaceutical business to the Sigma Tau Group.
 
After the sale of these assets, Enzon's businesses will consist of its royalties, Peg SN38 and our LNA and PEG technology platforms.
 
Sigma-Tau is a global R&D driven, Italian-owned pharmaceutical company dedicated, among other areas, to developing and commercializing medicines for rare diseases. This acquisition will expand sigma-tau's current presence in the US and in new therapeutic areas.

The asset sale is expected to be completed later this week.