Bristol-Myers Squibb Company (NYSE:BMY) announced today it has signed a definitive agreement to sell its ConvaTec business unit to Nordic Capital Fund VII (“Nordic Capital”) and Avista Capital Partners (“Avista”) for $4.1 billion subject to adjustments based on ConvaTec’s audited 2007 financial statements and closing working capital. ConvaTec is a world leader in the development and marketing of innovative wound therapeutics and ostomy care products.  

           “In December 2007, we announced our evolution into the leading next-generation BioPharma company and that as part of the transformation we would undergo a thorough strategic review of our non-pharmaceutical assets,” said James M. Cornelius, chairman and chief executive officer, Bristol-Myers Squibb Company. “Since then, we have announced the sale of Medical Imaging, the proposed carve-out initial public offering of Mead Johnson and the sale of ConvaTec.

           “These decisions support our next-generation BioPharma strategy. We will now have additional financial resources to expedite that strategy as we continue to work to help patients prevail over serious diseases.”

           Dave Johnson, who will remain the CEO of ConvaTec, said, “I am excited to partner with Nordic Capital and Avista Capital Partners as we transition ConvaTec to a stand-alone company. Both firms have a proven track record of success in the healthcare industry. They are passionate believers in ConvaTec's future growth and will be strong supporters of the ConvaTec business. Their deep experience in guiding strategy and backing companies will help take ConvaTec to the next level of success as an independent company.”

           The transaction is subject to customary regulatory approvals and delivery of ConvaTec’s audited 2007 financial statements. The closing is anticipated in the third quarter of 2008.

           Nordic Capital and funds associated with Avista have severally guaranteed the obligations of the newly formed purchaser under the purchase agreement. The purchaser has entered into a fully committed loan agreement which provides for funding by the lenders with no material conditions other than the conditions under the purchase agreement and customary conditions relating to the delivery of closing documents and financial information as well as conditions related to the status of the purchaser.

            King Pharmaceuticals announces the discontinuation of Tilade Inhaler (nedocromil sodium inhalation aerosol). The drug is being discontinued for a variety of reasons, including the company's inability to identify a qualified manufacturer for a chlorofluorocarbon propellant inhaler. TILADE(R) will remain available through pharmacies and wholesalers until current supplies are depleted.

           ProBioGen AG announced a strategic production agreement with Boehringer Ingelheim. Under the agreement, ProBioGen will integrate some of Boehringer Ingelheim´s technologies to accommodate a seamless process and technology transfer from pilot and medium-scale to commercial-scale production capacities. ProBioGen´s clients will thereby gain access to Boehringer Ingelheim´s manufacturing technology platform and large-scale commercial production. In addition, Boehringer Ingelheim´s clients and partners will benefit from ProBioGen´s expertise in process development and manufacturing.

"ProBioGen´s strategic production alliance with Boehringer Ingelheim is an important milestone in our commercial strategy," said Michael Schlenk, Chief Executive Officer of ProBioGen. "For one, our clients will gain access to one of the leading commercial-scale production platforms, but we will also be able to expand our client base and have started to build additional production capabilities to meet increased client demand."

           Alnylam Pharmaceuticals, Inc. announced the publication of a new study in Nature Biotechnology by Alnylam scientists and collaborators from the David H. Koch Institute for Integrative Cancer Research at the Massachusetts Institute of Technology (MIT). The new research documents the design and synthesis of a new class of lipid-based molecules called "lipidoids", which were used to form novel nanoparticle formulations for systemic delivery of RNAi therapeutics. The results of the studies showed successful delivery of lipidoid formulations of small interfering RNAs (siRNAs), the molecules that mediate RNAi, in multiple animal species including mice, rats, and non-human primates that together demonstrate potent, specific, and durable effects on gene expression in multiple tissues, including liver, lung, and peritoneal macrophages. Further, the new paper demonstrates applications of the same technology for delivery of microRNA (miRNA) antagonists.

In the new research, Akinc et al. describe the discovery and synthesis of a novel class of lipid-based molecules called "lipidoids". These lipidoids were used to form entirely new formulations of siRNAs, enabling their delivery to a broad range of tissues in vivo. The lipidoid molecules were created through a new combinatorial synthesis scheme that allows for simple, high-speed production. The rapid synthesis enables the development of a large library of over 1,200 structurally diverse lipidoids, which can ultimately be customized for different RNAi therapies and drug delivery approaches. In an exclusive license agreement with MIT, Alnylam has secured all rights to the lipidoid technology for delivery of RNAi therapeutics for all uses.

           In the study, researchers described the discovery of lipidoids and evaluated the delivery of lipidoid formulations with siRNA and anti-miRNA oligonucleotides in multiple animal species including mice, rats, and non-human primates. The lipidoid formulations demonstrated potent, specific, and durable effects on gene expression in multiple tissues, including liver, lung, and peritoneal macrophages.

Further, the lipidoid formulations also proved effective for delivery of anti-miRNA oligonucleotides or "antagomirs" that are used to suppress miRNA activity. Also, the delivery technology was used to successfully deliver two different siRNAs at the same time, with no apparent competition between the two siRNAs, demonstrating the potential of a multi-targeting strategy for formulations of RNAi therapeutics.