Beverly Bio-Pharm Sold to Merck
BEVERLY (CBS) - Just 7 years after launching the company, privately-held SmartCells of Beverly will be sold to Merck Pharmaceuticals for as much as $500 million.
SmartCells is moving quickly toward clinical testing of its next generation insulin, which can actually turn itself on and off when it's not needed in the body, making it much easier for patients to control their insulin levels.
Co-founder, President and CEO Dr. Todd Zion first developed the technology as part of his thesis work at MIT where he won a entrepreneurship competition the year before he opened the doors to his company. Dr. Zion says it was time to sell so the company could be taken to the next level.
Podcast
Dr. Zion explains the chemical engineering of his smart insulin to WBZ's Anthony Silva.
Merck is buying all outstanding shares of SmartCells with milestone payments and royalties down the road.
