Abstract
Strategic needs are driving the latest mergers and acquisitions among biopharmaceutical producers. For Seattlebased Corixa, a merger with Coulter Pharmaceutical, South San Francisco, is expected to give it a major product. In another, smaller deal, Amgen, Thousand Oaks, Calif., wants to expand its small-molecule drug development and so is acquiring Kinetix Pharmaceuticals, Medford, Mass. Corixa has agreed to pay about $900 million in stock, a 43% premium over Coulter's stock price on Friday, Oct. 13. Corixa can terminate the agreement if Coulter does not receive Food & Drug Administration marketing approval for its first product, Bexxar, a treatment for non- Hodgkin's lymphoma. FDA rejected the initial application for Bexxar in August 1999. After reanalyzing some existing data as requested, Coulter resubmitted its application in September. The drug, currently under priority review and to be marketed by SmithKline Beecham, is expected to have annual sales near $100 million. Corixa is preparing a filing for...
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