Date: Jul 02, 2015 Author: Jason deBruyn Source: bizjournals (
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Those in the Triangle's biopharmaceutical industry will likely remember the name Icagen, which was acquired by Pfizer (NYSE: PFE) in 2011. Now, Icagen is turning a new chapter after being acquired away from Pfizer to XRpro Sciences, a company based in Cambridge, Massachusetts.
Icagen partners with pharmaceutical and biotechnology companies to offer scientific expertise and access to technologies for ion channel and transporter drug discovery and development.
Douglas Krafte will lead XRpro's research efforts from the company's Triangle offices.
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Douglas Krafte will lead XRpro's research efforts from the company's Triangle offices.
"Large pharma is looking for ways to become more efficient in the drug discovery process," says Richie Cunningham, XRpro chief executive whose pharmaceutical resume includes stints with Boehringer-Ingelheim and Valeant Pharmaceuticals.
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Although the executive team is based in Cambridge, the lion's share of research will happen here in the company's Research Triangle Park offices. About 30 employees went with Icagen to Pfizer, and some 18 are coming with Icagen out from Pfizer's umbrella. Research will be led by Doug Krafte.
Specifically, XRpro Sciences acquired the assets, including personnel, related to the ion channel biology platform from Pfizer Inc. that had previously been obtained as part of Pfizer's $56 million acquisition of Icagen. The agreement includes a two-year collaboration with Pfizer in which XRpro pays an upfront amount and then will pay earn-outs on the back end of the deal.
In the agreement, XRpro will pay Pfizer $500,000 up front, another $500,000 in two years if it has generated at least $4 million in revenue, and 10 percent of sales beginning in 2017 up to $10 million per quarter.
Jason deBruyn covers the biopharmaceutical and health care industries. Follow him on Twitter @TriBizHealth or @jasondebruyn.
