Myogen CEO targets deal this year

BOSTON (Reuters) - Myogen Inc. MYOG.O aims to acquire either a product or a company within its specialty of treating cardiovascular disease by the end of the year, its chief executive said on Thursday.

"We have a goal to try and get something done this year," Bill Freytag told the Reuters Biotechnology Summit in Boston. "Let's make sure we're not suggesting that it necessarily has to be a company. It could be a product, a clinical-stage or even a commercial product."

Freytag said Myogen was interested in buying experimental drugs in late Phase 2 or Phase 3 development, which is generally considered late stage.

"The most likely candidate ... would be a small biotech company with one product that is undercapitalized and is looking for help," Freytag said. "The likelihood of finding something that meets our needs is probably richer there."

Freytag said Myogen would be interested in potential medicines that address conditions such as heart failure and acute cardiovascular disease. He said the company would probably not chase a first-line hypertension treatment, which requires a massive sales force and would put it in direct commercial competition with large pharmaceutical companies such as Pfizer Inc. (PFE.N: Quote, Profile, Research, Stock Buzz) or Novartis AG (NOVN.VX: Quote, Profile, Research, Stock Buzz).

"We are a company that has an expertise in cardiovascular disease," Freytag said. "We'll probably stay in cardiovascular. It's a huge space."