Enzon Pharmaceuticals (ENZN) is a biopharmaceutical company dedicated to the discovery, development, and commercialization of therapeutics to treat life-threatening diseases. The company manages its business through three segments Products, Royalties, and Contract Manufacturing. It has four marketed products, which are either developed utilizing its PEG (polyethylene glycol) technology or acquired from other pharmaceutical companies. Enzon's lead approved product is Abelcet (from Elan) for antifungal infection related to cancer. The other acquired products are Oncaspar (from Sanofi), used for the treatment of acute lymphoblastic leukemia, Depocyt (from SkyePharma) for lymphomatous meningitis, and Adagen, used to treat severe combined immunodeficiency disease (SCID) commonly known as the "bubble boy" disease. Additionally, it earns royalties on sales of its hepatitis C product, PEG-Intron, from Schering-Plough (SGP) and Macugen for eye disorder. Enzon has also entered into several collaborations through which it earns contract manufacturing revenues.
Enzon decided to discontinue certain collaborations in order to divert the funds to more promising product development opportunities. Specifically, the company intends to focus its research and development efforts towards cancer therapy and other adjacent therapeutic areas. Accordingly, Enzon terminated its agreement for the development of the recombinant immunotoxin SS1P with the National Institutes of Health (NIH). Besides this, Enzon also terminated its agreement for the development of three products using Nektar Therapeutics' pulmonary delivery technology. Adding to its list of terminated agreements, Enzon discontinued two more programs one for the development of antibody based therapeutics (with Micromet AG) and the other for the development of ATG-Fresenius S (with Fresenius Biotech GmbH).