any guesses, re. the bucks ass'd with milestone, phase I to phase II (psoriasis) transition?? I'll guess $15m, but my only rationale is that it's difficult, even with multiple molecules, to negotiate back to a small number from 530....... from 11/30/05 PR........
>> Under the terms of the agreement, Roche will obtain worldwide rights to BCX-4208 in exchange for a $25 million up-front payment and a $5 million payment as reimbursement for supply of material during the first 24 months of the collaboration. Future event payments could reach $530 million in addition to royalties on product sales of BCX-4208. For five years, Roche will have a right of first negotiation on existing back-up PNP inhibitors in transplant rejection or autoimmune diseases. BioCryst retains the right to co-promote BCX-4208 in the U.S. for several indications. Any new PNP inhibitor discovered subsequent to this agreement will be exempt from this agreement and BioCryst will retain all rights to such compounds. <<
(snip)
>> BCX-4208, a second generation transition-state analog inhibitor of the enzyme purine nucleoside phosphorylase (PNP), may have the potential to offer greater efficacy and activity in the treatment of autoimmune disease and transplant rejection than currently available therapies.
BioCryst licensed this compound and other PNP inhibitors from Albert Einstein College of Medicine and Industrial Research Ltd. and will owe sublicense payments to these third parties on the upfront payment, future event payments and royalties received by BioCryst for the sublicense of these inhibitors. In March 2005, BioCryst successfully completed a phase I ascending single oral dose clinical trial consisting of 84 healthy volunteers. The trial had seven dosing cohorts with twelve patients in each cohort. In August 2005, BioCryst initiated a phase Ib trial in healthy volunteers to evaluate the safety, tolerability and pharmacokinetics of multiple oral doses of BCX-4208. <<
listening to the JPM presentation re. tolerability is recommended.
research premium, given Roche, prammy and frodo and assuming a non-Vaxgen "the money's as good as in the bank", is about 170m. If I were in charge of business development at a company like BIIB, I'd want to take a close look at the oncology program and learn more about the anti-inflammatory preclinical work. If I were at a company like Vertex, I'd want to take a close look at oncology and at the HCV preclinical work. Genentech of course gets a close look at 4208.
can't see why anyone would be selling here..... there should be a constant stream of news re. prammy licenses?? this is flu.... development time frames are not long, trials are simple, and there are no issues re. long-term exposure. I've had professional interaction with Green Cross scientists, and feel very comfie with the first deal.
so.... putting it in the usual frame, with banked cash supporting the development of pipe, 170m buys you the right to participate in the development of:
1. 4208, milestones and royalties, limited co-promote U.S.
2. frodo, Mundipharma ex-U.S., SPA-restricted pivotal testing about to begin.
3. prammy, intravenous, hospital use and any stockpiling contract revenue.
4. prammy, I.M., seasonal flu.
5. anti-viral (including anti-HCV) and anti-inflammatory pipe (which I have yet to investigate, maybe some of our industry-tuned-in sorts have a feel?).
Is that fair? |
