Biogen Has Acquired Remedy Pharma's Stroke Medication For $120 Mln

Biogen Inc. said early Thursday that it has acquired a stroke medication from privately-held Remedy Pharmaceuticals for $120 million. The deal may also include additional milestone payments and royalties, the companies said. The drug, Cirara, is intended for a rare but severe type of stroke called large hemispheric infarction. The Food and Drug Administration recently gave Cirara orphan drug designation for severe cerebral edema in patients with acute strokes, which provides incentives for drugmakers to develop drugs for rare diseases. The regulator has previously given the drug a fast track designation, intended to speed up the development and review of certain drugs. Biogen shares declined a scant 0.14% in premarket trade on Thursday. Shares have declined 13.0% over the last three months, compared with a 0.3% rise in the S&P 500 .