Biotech, Diagnostics, acquisitions

Clinical Data Acquires Adenosine To Expand Drug Pipeline

Luke Timmerman 8/5/08

Clinical Data, the Newton, MA-based maker of diagnostic tests, said today it has acquired Adenosine Therapeutics to expand its roster of drug candidates in cardiology, diabetes, inflammatory diseases, and sickle cell anemia. Clinical Data (NASDAQ: CLDA) agreed to pay $11 million in cash for the Charlottesville, VA-based Adenosine, and also entered into a $22 million, five-year promissory note and a separate $3.2 million, 32-month promissory note. Clinical Data also agreed to pay as much as $30 million more in cash if certain regulatory and commercial goals are met.

Luke Timmerman is the National Biotechnology Editor for Xconomy. You can e-mail him at ltimmerman@xconomy.com, call 206-624-2374, or follow him on Twitter at http://twitter.com/ldtimmerman.