Insmed to Purchase Celtrix For $140 MM

06 December 1999 00:00  [Source: ICB Americas]

Insmed Pharmaceuticals Inc. will acquire Celtrix Pharmaceuticals Inc. in a stock transaction valued at $140 million. The deal is expected to close by the end of the first quarter of 2000.

Insmed is a privately held biopharmaceutical company that focuses on diagnosing and treating medical conditions associated with type 2 diabetes and polycystic ovary syndrome (PCOS). The Richmond, Va.-based company's lead product is INS-1, a Phase II drug for both type 2 diabetes and PCOS.

San Jose, Calif.-based Celtrix develops treatments for serious conditions mainly associated with severe trauma, chronic diseases and aging. The company has alliances with Genzyme Corporation for developing a dermal ulcer treatment, and with Elan Corporation for developing treatments for osteoporosis.

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