Conor Medsystems buys Phytogen Life Sciences for $3.8 million

By Ted A. Knutson

Washington, Nov. 22 - Conor Medsystems, Inc. has purchased substantially all of the assets of Phytogen Life Sciences Inc., including its inventory of finished paclitaxel, for about $3.8 million, Conor said in a news release.

Phytogen, which filed for bankruptcy in July, had supplied Conor with finished paclitaxel under a supply agreement. Under the terms of the supply agreement, Conor was obligated to pay Phytogen a royalty based on the sales of Conor's CoStar cobalt chromium paclitaxel-eluting stent.

As a result of the purchase of Phytogen, Conor's supply agreement with Phytogen and its royalty obligation under the agreement have been terminated, the news release said.

Conor said it plans to sell most of the assets acquired in the transaction, except for an amount of finished paclitaxel that the company believes will be sufficient to meet its investigational and commercial needs.

Menlo Park, Calif.-based Conor develops controlled vascular drug delivery technologies

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