Cephalon Acquires Salmedix for $160M

Biotechnology firm Cephalon has acquired La Jolla-based Salmedix for $160M plus $40M on the achievement of certain regulatory milestones. Salmedix is a venture-backed startup developing drug treatments for cancer. Salmedix has a drug, Treanda, currently in Phase II clinical trials in the US and Canada for the treatment of non-Hodgkin's lymphoma. Salmedix will become a wholly owned subsidiary of Cephalon, and the transaction is expected to close in the second quarter of this year. Salmedix most recently raised $45M in venture funding in March of 2004. Cephalon was advised by Deutsche Bank Securities and Salmedix was advised by SG Cowen & Co. in the transaction.