FTC clears Ortho-McNeil, Diamyd $45M diabetes deal

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Diamyd Medical, a Stockholm-based diabetes developer of pharmaceuticals for the treatment of autoimmune diabetes and its complications, has received antitrust clearance that closes the transaction announced on June 22 with Ortho-McNeil-Janssen Pharmaceuticals, a Johnson & Johnson company.

The U.S. Federal Trade Commission’s clearance under the Hart-Scott-Rodino Anti-Trust Improvements Act is regarding the agreement between Diamyd and Ortho-McNeil for development and global commercialization of the GAD65 antigen-based therapy for the treatment and prevention of type 1 diabetes and associated conditions.

At the time of acquisition, Ortho-McNeil will pay Diamyd $45 million upfront and could receive milestone payments up to $580 million and future sales royalties.