Biogen Pays Up To $120 million for Syntonix

Biogen Idec (Nasdaq: BIIB) has agreed to acquire Syntonix Pharmaceuticals Inc., a Waltham, Mass.-based drug company focused on chronic diseases like hemophilia. The deal includes an additional $40 million cash payment, plus up to $80 million in milestone earn-outs. It is expected to close later this quarter. Syntonix has raised over $64 million, including a 2002 infusion at a $61 million post-money valuation. Backers include Alta Partners, Bay City Capital, HBM Partners, Pappas Ventures, The AFB Fund and Venrock Associates.< ?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />