BioInvent enters collaboration with Genentech to develop and commercialize BioInvent´s proprietary antibody for the potential treatment of cardiovascular diseases
[2007-01-12 8:30]
[This really sucks. I held some BioInvent, saw them lose a lot in value and sold them about a month ago, when I was back at break-even. And now this. Anyhow, another confirmation that there is gold in many of those those mAbs]
Genentech obtains rights to commercialise in North America while BioInvent retains Rest of World rights
Lund, Sweden - 12 January, 2007: BioInvent announced today that it has entered into a strategic collaboration with Genentech, Inc. to co-develop and commercialize BioInvent´s proprietary antibody candidate, BI-204, for the potential treatment of multiple cardiovascular conditions. Genentech will make an upfront payment of $15 million to BioInvent and, in addition, BioInvent could receive further milestone payments of up to $175 million as well as royalties on sales in North America.
Under the terms of the agreement, Genentech and BioInvent will be jointly responsible for clinical development. Genentech will be responsible for, and will solely control, any commercialization of the drug in North America, whilst BioInvent will be responsible for, and will solely control, commercialization in the rest of the world. Throughout development Genentech and BioInvent will share the development costs.
"We believe this deal could accelerate BioInvent´s product development and that Genentech´s proven track record in antibody development and commercialization makes it an ideal collaborator", says BioInvent´s CEO Svein Mathisen in a comment. "Retaining the rights to the product outside of North America gives us an opportunity to increase our participation and involvement in the product´s success."
BI-204, which is in pre-clinical development, addresses a significant medical need, in particular for the prevention of a cardiovascular event such as a myocardial infarction or stroke in patients at risk. Preclinical studies suggest that this treatment could reduce atherosclerotic plaque burden, and thereby decrease the risk of a secondary cardiovascular event.
BI-204 targets a primary cause of atherosclerosis by blocking a major mediator of vascular inflammation that is believed to lead to the formation of unstable plaque in the vessel wall. Preclinical animal models have demonstrated that this blockade leads to decreased vascular inflammation and a reduction in established atherosclerotic plaque. |
