THE WOODLANDS, Texas, Aug. 2 /PRNewswire-FirstCall/ — Lexicon Pharmaceuticals, Inc.
(Nasdaq: LXRX), a biopharmaceutical company focused on
discovering and developing breakthrough treatments for human
disease, today announced that it has exercised a restructured
purchase option under its drug development financing collaboration
with Symphony Icon Holdings LLC and acquired all the equity of
Symphony Icon, Inc., thereby reacquiring all rights to LX1031,
LX1032, LX1033 and the other drug programs subject to the
collaboration.
“The encouraging results we have obtained with our portfolio of
serotonin synthesis inhibitors, LX1031 for irritable bowel
syndrome, LX1032 for carcinoid syndrome, and LX1033 for other
gastrointestinal disorders, informed our decision to reacquire all
development and commercialization rights to these promising drug
candidates,” said Arthur T. Sands,
M.D., Ph.D., Lexicon’s president and chief executive officer. “We
have restructured our agreement with Symphony in a manner that
enables us to both defer a sizable portion of the purchase option
exercise price as well as make a significant portion contingent on
the success of the drug candidates, allowing us to make payments as
we receive licensing proceeds to fund them.”
Lexicon and Symphony Icon Holdings agreed to revised terms under
which Lexicon paid Symphony Icon Holdings $10 million upon closing and agreed to make
certain additional deferred and conti
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