Two Montgomery County Biotechs Team Up to Develop Phenylketonuria Treatment (XON) (SYN)

A collaboration has formed in Montgomery County’s life sciences industry, Germantown-based Intrexon Corporation (NYSE: XON) and Rockville-based Synthetic Biologics Inc (NYSE: MKT) announced that the two companies will pursue an innovative biotherapeutics treatment for Phenylketonuria.

Phenylketonuria is a rare disease passed down genetically and happens at birth. Infants are born without the ability to properly break down an amino acid called phenylalanine. Symptoms include lighter skin and hair, seizures and abnormal motor and mental skills.

The Maryland companies are placing a bet on Intrexon’s ActoBiotics Platform to deliver treatment.

Montgomery County is the epicenter of health and biotechnology in the Washington, D.C. area with over 350 biotechnology companies and several global research centers.

Intrexon stock was down 13 percent to $49.70 with a market cap of approximately $5.42 billion, the company also announced yesterday that it will purchase U.K.-based Oxitec for $160 million. Synthetic Biologics Inc was also down seven percent to $2.55, the company has a market cap of approximately $224.82 million.

The overall market is down in morning trading, the S&P 500 is down over -21.5 points, and the Dow is down over -231 points while the Nasdaq is down over -55 points.

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