Clinical Data agrees to buy Avalon Pharmaceuticals
Clinical Data Inc., a Newton life sciences company with about 300 employees worldwide, said it has agreed to buy Avalon Pharmaceuticals Inc. of Maryland in an all-stock transaction valued at about $10 million.
Clinical Data said in a press release, "The combined company will have a significantly expanded oncology business with a pipeline of promising oncology biomarkers and compounds, and a biomarker discovery platform to identify additional therapeutic and diagnostic candidates.
“The acquisition of Avalon is aligned with our core strategy of identifying proprietary biomarkers that correlate with safety and efficacy in the development of targeted therapeutics and genetic tests used to diagnose disease and guide treatment decisions,” Clinical Data president and chief executive Drew Fromkin said in a statement.
(By Chris Reidy, Globe staff)