NEW YORK, Nov. 12-Incyte Genomics plans to acquire Maxia Pharmaceuticals, a small San Diego-based drug discovery company, the firm said today.
Maxia, which has only 28 employees, is developing small molecule treatments for chronic diseases like diabetes, hyperlipidemia, and cancer, and has several lead compounds in preclinical development. Incyte is particularly interested in its success with small molecule inhibitors of protein phosphatases, said Incyte CEO Robert Stein in a statement.
Incyte will acquire the company for up to $28.3 million in cash and stock, plus up to $14 million in future milestone payments. Maxia will then become a subsidiary of Incyte. The boards of directors of both companies have approved the agreement, and it will be completed pending shareholder approval.