News | News By Subject | News by Disease News By Date | Search News
Get Our FREE
Industry eNewsletter
email:    
   

Infinity Pharmaceuticals, Inc. Announces Completion of Second Equity Investment by Purdue Pharmaceuticals L.P.



1/8/2009 8:32:39 AM

CAMBRIDGE, Mass., Jan. 8, 2009 (GLOBE NEWSWIRE) -- Infinity Pharmaceuticals, Inc. (Nasdaq:INFI), an innovative cancer drug discovery and development company, announced that its shareholders have voted to approve the issuance and sale of $30 million in Infinity common stock and warrants to Purdue Pharma L.P. and Purdue Pharmaceutical Products L.P. This sale is pursuant to a global strategic alliance previously entered into by Infinity, Purdue and Mundipharma International Corporation Limited. This transaction brings the total potential size of the Infinity/Purdue/Mundipharma relationship to more than $500 million, as Purdue has now invested a total of $75 million in Infinity equity and has made available a $50 million line of credit for use by Infinity for any business purpose, and Mundipharma may provide approximately $400 million in R&D funding if the funded research program extends for the full five year period.

Read at GlobeNewswire


comments powered by Disqus
   

ADD TO DEL.ICIO.US    ADD TO DIGG    ADD TO FURL    ADD TO STUMBLEUPON    ADD TO TECHNORATI FAVORITES