LeukoSite Inc ., seeking to expand its pipeline of promising drugs, Wednesday said it acquired ProScript Inc ., a privately held biotechnology company with an anticancer compound in early clinical trials, for $ 2.3 million in LeukoSite stock plus $ 430, 000 in cash.
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"The struggling biotech companies we see are often single-product companies where management has not broadened the company's technology or companies where the science did not work out and was not robust enough or the clinical trials for testing the drug were poorly designed, " said Augustine Lawlor, chief financial officer of LeukoSite Inc . of Cambridge, Mass ., which acquired two struggling Cambridge-based biotech firms, Proscript Inc . and CytoMed Inc ., in the past six months.
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