Sanofi to acquire Fovea and also signs cancer deal with Merrimack
Sanofi-aventis is to acquire Fovea Pharmaceuticals, a privately held French company specialising in treatments for eye diseases, for up to Euro 370m (US$538m).
Sanofi-aventis is to acquire Fovea Pharmaceuticals, a privately held French company specialising in treatments for eye diseases, for up to Euro 370m (US$538m).
Fovea has three compounds led by FOV 1101, an eye drop, fixed dose combination of prednisolone and cyclosporine, currently in phase II trials, for the treatment of persistent allergic conjunctivitis,
In addition, FOV 2302, an intravitreal formulation of a plasma kallikrein inhibitor, is in phase I trials for the treatment of retinal vein occlusion induced macular edema, while FOV 2304, a potent antagonist of bradykinin B1 receptors, active by eye drop, is scheduled to enter phase I trials by November 2009 for the treatment of diabetic macular oedema.
The acquisition of Fovea, according to Christopher Viehbacher, chief executive of sanofi-aventis, is "a further step in our company's goal to focus on new approaches to strengthen our r&d portfolio". He added that the acquisition of Fovea represents a "major opportunity for sanofi-aventis in the very promising and dynamically growing ophthalmic area".
The transaction is expected to close in the fourth quarter of 2009.
The French drugmaker will also further develop US-based Merrimack Pharmaceuticals" MM-121, a human monoclonal antibody designed to block signalling of the ErbB3 (also known as HER3) receptor, for the management of solid tumours, which is currently in Phase 1 clinical trials.
"MM-121 is a pioneering monoclonal antibody which brings a new innovative approach to sanofi-aventis" oncology portfolio," said Marc Cluzel, senior vice-president of r&d at sanofi-aventis.
Sanofi-aventis will pay Merrimack an upfront cash payment of US$60m (b41m) for the research, development, manufacturing and commercialisation rights.
Merrimack could receive development and regulatory milestone payments of up to US$410m (â"šÂ¬282m) on MM-121, as well as royalties on worldwide product sales. The company will also receive additional performance milestones of up to US$60m (â"šÂ¬41m) on worldwide sales.