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The Associated Press June 21, 2010, 5:01PM ET

Cadence signs option to buy Incline

Cadence Pharmaceuticals Inc. said Monday it signed an option deal to buy privately held Incline Therapeutics Inc.

Incline makes Ionsys, a potential analgesic for adult inpatients requiring opioid pain treatment after surgery. U.S. and European approval is pending a requirement for safety features in the system, the company said.

Cadence will pay Incline a $3.5 million option fee up front and a second $3.5 million fee upon commencement of the second option period if Cadence has not yet bought Incline.

Cadence could exercise its option to buy Incline at any time during the first option period for up to $135 million and during the second period for up to $228 million plus an additional payment not to exceed $57 million upon FDA approval of Ionsys.

Cadence also said it has closed a $30 million secured loan facility with Oxford Finance Corporation, Silicon Valley Bank and GE Financial Services Inc.

Meanwhile, Incline said it entered an agreement to complete a $43 million Series A venture financing, which will be used primarily to fund the development of Ionsys.

Shares of Cadence fell 32 cents, or 4.5 percent, to close at $6.87.

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