Protein Design To Buy ESP Pharma For $475M

Publicly traded Protein Design Labs Inc., seeking to boost its commercialization
capabilities, will buy ESP Pharma Inc. for about $300 million in cash and $175
million in stock. ESP Pharma was founded in April 2002 around the acquisition of
several therapeutics from Wyeth, including ESP Pharma's leading product, Cardene
IV. The Edison, N.J.-based firm has received $48.3 million in venture capital to
date.