Snow forecast cancels ribbon-cutting for Boston Biomedical and the Dainippon Sumitomo Pharma Global Oncology Center in Cambridge
Friday was supposed to have been a big day for Boston Biomedical Inc. The cancer-drug company is looking to double its headcount from 50 to 100 by the end of the year, and it was all set to celebrate its relocation from Norwood to a much larger space in Cambridge.
Governor Deval Patrick was among the dignitaries expected to attend the ribbon-cutting ceremony, but now an event originally planned for late Friday morning will have to rescheduled because of the big snow storm forecast for the area, the company said.
Last March, Boston Medical was acquired by Japanese drug giant Dainippon Sumitomo Pharma Co. Terms of the transaction called for a $200 million upfront payment. If all contingencies and milestones of the sales agreement are met, the total purchase price could be worth up to $2.63 billion.
Dainippon Sumitomo Pharma already had a presence in this market.
In 2009, it paid $2.6 billion to buy Sepracor Inc., a Marlborough company perhaps best known for its Lunesta sleep aid. Following the completion of that transaction, Sepracor’s name was changed to Sunovion.
Boston Biomedical’s new Cambridge space will include something called the Dainippon Sumitomo Pharma Global Oncology Center, which the Massachusetts Life Sciences Center describes as a “state-of-the-art biotechnology R&D facility.”
Chiang Li, founder, president and chief executive of Boston Biomedical, is also head of Dainippon Sumitomo Pharma Global Oncology.
The center occupies about 64,000 square feet of space at 640 Memorial Drive in Cambridge. Boston Biomedical had about 10,000 square feet of space at its previous location in Norwood.
While Boston Biomedical has no products on the market yet, it has a pipeline of promising cancer stem cells inhibitors in development. One drug candidate aims to treat colorectal and other solid cancers. Another is designed to target both highly malignant cancer stem cells as well as heterogeneous cancer cells.Chris Reidy can be reached at firstname.lastname@example.org.