PHARMEXA BUYS IDM UNIT

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IDM Pharma said Friday it is selling its infectious disease treatment technology to Danish drug maker Pharmexa A/S for $12 million so IDM can concentrate on its five clinical-stage cancer programs, as well as reduce its cash burn and increase its cash position. The transaction is expected to reduce IDM's cash burn rate by about $3 million annually and be completed by the end of the year. Pharmexa will assume IDM's lease at its San Diego R&D facility and 27 IDM employees will be transferred to Pharmexa.

Red Herring (http://www.redherring.com/Article.aspx?a=14627&hed=Pharmexa%2BPays%2BIDM%2BPharma%2B%2412M)