Westborough’s RXi Buys Firm’s RNAi Assets
Biotechnology firm RXi Pharmeceuticals of Westborough, which focuses on therapies using RNA-targeted technologies, announced the acquisition of assets of a Miami-based firm.
RXi said it will acquire all of OPKO Health Inc.’s assets that are related to RNA Interference (RNAi), including 12 patent families tied to biological targets. The molecules related to the patents are believed to play an important role in battling eye diseases, cancer, immune disorders and inflammatory diseases, RXi said.
The acquisition is expected to close March 12.
RXi will issue 50 million shares of its common stock to OPKO and will make milestone payments up to $50 million for each product tied to the successful development and commercialization of products that use intellectual property acquired from OPKO. RXi would also make royalty payments to OPKO when products become commercialized.
“Together with its licensors and collaborators, OPKO was one of the early pioneers in the field of RNAi,” said RXi President and CEO Dr. Geert Cauwenbergh. “We are honored to have the privilege to extend OPKO’s ground breaking work, while at the same time deepening our product pipeline and broadening our technology platform and intellectual property position.”
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