DEERFIELD, Ill. (AP) -- Baxter International Inc. said Friday that it will pay as much as $285 million to buy a hemophilia drug candidate and other assets from privately held biotechnology company Archemix.
Baxter currently sells the hemophilia drug Advate. The new deal gives the company all of Archemix's hemophilia assets, including an early-stage drug candidate called ARC19499. ARC19499 is a subcutaneous hemophilia therapy that is intended to improve blood clotting. An early clinical trial is being performed in the U.K.
Baxter said the value of the deal could rise to $285 million including milestone payments. The drug and medical device maker said it will take a $30 million charge in the fourth quarter for the value of the hemophilia unit's research and development activities. Baxter expects the purchase to close by the end of 2010.
In morning trading, Baxter shares declined 9 cents to $51.