Indevus and Sanofi-Aventis' Spin-Out Company, Novexel, Announce Out-licensing of Aminocandin Anti-fungal
Tuesday December 5, 4:15 pm ET
LEXINGTON, Mass., and PARIS, Dec. 5 /PRNewswire-FirstCall/ -- Indevus Pharmaceuticals, Inc. (Nasdaq: IDEV - News) and Novexel, S.A. today announced that they signed a definitive agreement whereby Indevus will out-license the worldwide rights to aminocandin to Novexel. Indevus originally licensed worldwide rights to aminocandin from sanofi-aventis in 2003. Aminocandin is a member of the echinocandin class of anti-fungal compounds for the treatment of a broad spectrum of systemic, invasive infections.
The terms of the agreement provide Indevus with an up front payment of $1.5 million, a payment of $2.0 million upon initiation of Phase II clinical trials, potential milestones totaling an additional $41.0 million and royalties on all future sales of aminocandin. Additionally, Indevus will be relieved from making significant milestone and royalty payments to its licensor. Novexel will be responsible for all future development, manufacturing and commercialization activities and costs.
"Aminocandin is a product with tremendous potential and we are extremely pleased that we have the ideal partner in Novexel who can realize this opportunity," said Glenn L. Cooper, M.D., chief executive officer and chairman of Indevus. "For several months we have said our objective was to find a partner exclusively focused on infectious diseases that could devote the required resources to the development of aminocandin. Novexel, having been created out of the anti-infective unit of sanofi-aventis, is solely focused on developing compounds such as aminocandin and therefore the product is a perfect fit into their portfolio."
"We are excited to see aminocandin in the hands of a company with the experience, focus and know-how to maximize its potential," continued Dr. Cooper. "This agreement enables Indevus to further focus its portfolio of urology, gynecology and men's health products and realize future economic benefits in a passive manner."
"We are very pleased to return aminocandin to our extensive portfolio of anti-bacterial and anti-fungal compounds," stated Iain Buchanan, chief executive officer of Novexel. "This compound is entirely consistent with our mission to become a company dedicated to the hospital anti-infective market. Novexel will remain focused on the discovery, development and rapid progression to market of novel anti-bacterial and anti-fungal assets. Aminocandin will become an important asset in our broad portfolio and we look forward to continuing the development of this product."
Indevus commenced multi-dose phase I studies of aminocandin in October 2004 and showed a favorable pharmacokinetic and systemic safety profile, but the study was subsequently interrupted due to observed cases of local vein irritation. Indevus has since developed new formulations that may overcome this issue.
Indevus originally licensed worldwide rights to aminocandin from sanofi-aventis in 2003. In late 2004, sanofi-aventis assigned the original license agreement to Novexel along with a number of other anti-infective assets, and therefore, Novexel was serving as the licensor of the aminocandin rights.
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