Biogen in Venture to Develop Kidney Drug
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Times Staff and Wire Reports
Biogen Inc. and Creative BioMolecules Inc. agreed to work together to develop a treatment for kidney disease from a class of proteins known as OP-1 that scientists believe may help prevent damage to the kidney and possibly even regenerate damaged tissue. Biogen will pay Hopkinton, Mass.-based Creative BioMolecules $28 million, including $18 million to buy its shares at $11.67 each. It will also provide $10.5 million over three years and a $15-million line of credit.
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