Santarus Inc (SNTS)

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3:26AM Santarus adds two novel biologic drug candidates to pipeline; acquires Covella Pharmaceuticals (SNTS) 2.53 : Co announces it has signed agreements with Pharming Group for exclusive North American Rights to RHUCIN. Co pays Pharming a $15 mln an upfront fee and an additional $5 mln milestone upon FDA acceptance. Also, co acquires worldwide rights for anti-VLA-1 antibody through acquisition of Covella Pharmaceuticals. Under the terms of the acquisition, co is paying a total in cash and stock of ~$1.8 mln in a combination of upfront consideration, assumption of Covella liabilities, and transaction expenses.