Infinity Pharmaceuticals, Inc. Announces Completion of Second Equity Investment by Purdue Pharmaceuticals L.P.
Published: Jan 08, 2009
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.