NitroMed to merge with Archemix
NitroMed Inc., the Lexington company that became known for marketing a heart medicine for blacks called BiDil, is attempting to reinvent itself.
The company -- which recently unveiled plans to sell the rights to BiDil, its only approved drug -- today said it will merge with Archemix Corp. a small, privately-held Cambridge biotech company developing drugs for blood-related diseases.
The merged company will be called Archemix, and NitroMed Chief Executive Kenneth M. Bate will serve as chief executive.
Archemix shareholders will own 70 percent of the new firm, while NitroMed will own the rest.
The company, which will be based in Cambridge, expects to have about $50 million to $60 million in cash after the sale of BiDil.
(By Todd Wallack, Globe staff)
