Monday, June 18, 2007

Lexicon Pharma Garners $265M in Funding

Biopharmaceutical firm Lexicon Pharmaceuticals Inc. announced Sunday that it has received funding from two separate sources totaling a minimum of $265 million. Lexicon said The Invus Group LLC, a New York-based investment firm, will purchase $205 million of Lexicon common stock in 2007 and possibly up to $345 million more during the next four years. Lexicon said the money would help fund its strategic goals. Additionally, Lexicon said it has collaborated in a $60 million deal with the New York-based private equity firm Symphony Capital Partners. Under the agreement, Symphony and its co-investors will fund Lexicon with $60 million so that Lexicon can transition its first three drug candidates into advanced clinical development. Lexicon is headquartered in The Woodlands, Texas.