FRENCH pharmaceuticals company Ipsen yesterday bought Oxfordshire-based life sciences company Syntaxin in a deal that could be worth up to €130m (£112m).
Syntaxin, based in Abingdon, finds ways of using botulinum toxins – sometimes known as Botox – for pain relief. Its treatments can then help patients control muscle spasms and tremors, with the potential to expand into cancer treatment.
Ipsen will pay an initial £24.4m in cash, with the rest of the payments dependent on Syntaxin meeting certain commercial targets over the coming years.
Syntaxin called upon Julian Hudson of investment bank Rothschild to advise on its purchase by French firm Ipsen. Hudson recently worked on BTG’s £147m acquisition of EKOS Corporation and at the end of last year advised Gloucestershire orthopaedics manufacturer Corin on its £30.5m takeover by Italian company 2IL. Legal support was provided by City law firm Allen & Overy.
Ipsen employed the services of Nicolas Serandour of Lazard investment bank, with assistance from Freshfields Bruckhaus Deringer. Law firm Bristows also provided advice on intellectual property issues.