Biogen shutters a biotech shop in the UK as it continues to prune R&D
A little over two years ago, Biogen stepped in to buy Convergence Pharmaceuticals in the UK for $200 million in cash and up to $475 million in milestones, bagging its lead drug for neuropathic pain and a portfolio of ion channel-modulating drugs. And it made a commitment to keeping the company’s operations in the UK.
Until now. I was tipped off that Convergence has been shuttered, and Biogen confirmed it, noting that it is cutting 17 jobs in the process. Here’s the statement:
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