Wyeth Pharmaceuticals and Santaris Pharma have announced a strategic alliance to develop and commercialize RNA-based medicines. Under the terms of the agreement, Santaris will receive an upfront payment of $7 million in cash, and Wyeth will make a $10 million equity investment in Santaris. Additionally, Santaris may be entitled to further milestone payments of up to $83 million for each of 10 potential targets.
Abbott has announced the acquisition of Advanced Medical Optics for a total transaction value of approximately $2.8 billion. The deal represents an expansion of Abbott's medical device business, and will provide a long-term sustainable growth platform with more than $1 billion in annual sales, according to a company statement.
InVentiv Health has consolidated four of its existing New Jersey locations, and relocated its headquarters to a new space in Somerset, NJ. The location, set to open in July 2009, will house employees from two inVentiv offices in Somerset, and the offices of The Franklin Group and Strategyx, both of Somerville.