Biogen Idec has entered an agreement to acquire UK-based Convergence Pharmaceuticals, a clinical-stage biopharma company with a portfolio of ion channel-modulating product candidates for neuropathic pain. Biogen will pay $200 million upfront and Convergence shareholders are eligible to receive additional milestone payments of as much as $475 million. Convergence will continue to operate out of Cambridge, UK, under the leadership of its chief scientific officer, Simon Tate, Ph.D.
 
Biogen gains Convergence’s lead Phase II candidate (CNV1014802), which has demonstrated clinical activity in trigeminal neuralgia (TGN), a chronic orphan disease consisting of debilitating, episodic facial pain. Additionally, CNV1014802 has demonstrated proof of concept for treating pain associated with lumbosacral radiculopathy, or sciatica, and has potential in other neuropathic pain.
 
“Neuropathic pain is an area of significant unmet need and represents a natural complement to our current neurology portfolio,” said Douglas Williams, Ph.D., executive vice president of research and development at Biogen Idec. “The team at Convergence has pioneered some of the most innovative science in pain management. We believe their industry-leading talent, capabilities and pipeline of candidates, starting with CNV1014802, will provide a strong foundation upon which to expand our neuropathic pain portfolio.”
 
“The success of Convergence Pharmaceuticals is due to a combination of world-class science and a dedicated management and scientific team in the U.K.,” said Clive Dix, Ph.D., outgoing chief executive officer of Convergence Pharmaceuticals. “We are delighted to have progressed our pipeline to this exciting stage and are extremely pleased that Biogen Idec will now continue the development plan focused on helping patients who are in desperate need of safe and effective chronic pain treatments.”
 
The acquisition, subject to customary closing conditions, is expected to close in the 1Q15.