Tuesday, May 17, 2011

CytRx Sells Assets To Orphazyme

Los Angeles-based biopharmaceuticals firm CytRx said late last night that it has sold off the firm's molecular chaperone assets, to Denmark-based Orphazyme ApS. The deal is worth as much as $120M, if all development and commercialization milestones are met. The deal also included an up-front payment, which was not disclosed. Orphazyme ApS is venture backed by Novo A/S and Sunstone Capital. CytRx said the move is part of its move to monetize non-core assets at the firm. The firm has been focusing in on its oncology portfolio.