EPIX AND PREDIX ANNOUNCE MERGER AGREEMENT

Epix Pharmaceuticals, Inc., a developer of innovative pharmaceuticals for magnetic resonance imaging (MRI), and Predix Pharmaceuticals Holdings, Inc., a privately-held pharmaceutical company focused on the discovery and development of novel, highly selective, small-molecule drugs that target G-Protein Coupled Receptors (GPCRs) and ion channels, today jointly announced the signing of a definitive merger agreement whereby Epix will acquire Predix in a transaction valued at approximately $90 million, including the assumption of net debt at closing.

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