Shire to buy FerroKin BioSciences for up to US$325m
Aims to build haematology business with Phase 2 iron chelator treatment
Specialist drugmaker Shire has agreed to purchase FerroKin BioSciences, for an upfront payment of US$100m with the aim of building its haematology business.
FerroKin is also eligible to receive milestone payments of up to $225m, depending on the achievement of certain clinical development, regulatory and net sales targets.
Shire will develop FerroKin’s FBS0701, a once-daily oral capsule for the treatment of iron overload due to chronic blood transfusions in adults and children that is currently in clinical trials.
A global filing is planned for indications for Myelodysplastic Syndrome and hemoglobinopathies initially.
FBS0701 has received Orphan Product designation from the US FDA and the European Medicines Agency and Shire says the product could be launched in 2016.
Ross Murdoch, Shire’s senior vice president of Haematology, said: ‘We hope to use our expertise in haematology coupled with our proven ability to progress products through the development pipeline to bring FBS0701 to the global marketplace.’
Hugh Young Reinhoff, FerroKin BioSciences’ founder and ceo, said: ‘An important factor for FerroKin BioSciences in agreeing to this transaction was Shire’s drive, capability and vision to bring new products to the haematology market that promise to raise the standard of care for patients. In Shire’s hands, FBS0701 has greater potential to fulfil that promise.’
