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Medicines Co. Acquires German Drugmaker

The company made an upfront payment of $22.8 million for Curacyte Discovery GmbH, and could pay a milestone if the drug reaches phase II development.

The Medicines Co.

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on late Tuesday said it is buying a German company that is developing an early-stage candidate for the prevention of blood loss during surgery.

The Medicines Co. said after the bell Tuesday that its acquisition of Curacyte Discovery GmbH, a wholly owned subsidiary of Curacyte AG, fits with its core area of expertise -- critical care medicine, particularly thrombosis and hemostasis. It expects to begin phase I clinical testing of the candidate, CU-2010, in 2008.

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The Medicines Co. made an upfront payment of $22.8 million, and could pay a milestone if the drug reaches phase II development, and a milestone and a low, single-digit royalty if it's commercialized.

Shares were down 20 cents, or 0.8%, at $23.65 in recent after-hours trading.