Biotie Therapies (OMXH: BTH1V) commented after market close that UCB Pharma S.A (Euronext: UCB) has decided to license worldwide agreements for adenosine A2a antagonist tozadenant (SYN115), a candidate for the treatment of Parkinson’s disease. In December it was noted that the product reached primary endpoint in a phase 2b study.
Biotie will receive 20 million USD upfront and in a change to the original license agreement, Biotie will conduct the phase 3 program while UCB will make additional payments towards the running of the trial and regulatory development in the ”low triple digit millions” within the next six years. Biotie later added that the additional funding from UCB will not have a material effect on group profitability during the running of the trial. The global biopharmaceutical noted it has been impressed with Biotie’s performance in running the previous trial and sees it as the ideal party to continue clinical development.
The further remaining milestones are intact with Biotie potentially eligible for a further 340 million USD in future milestone payments upon meeting development and commercial milestones. Patient enrolment for Phase 3 program is estimated to begin in early 2015. This decision is clearly transformational for the Finnish biotech company which now finally has something to show for in regards to phase 3 in-licensing decisions and a vote of confidence from a big pharmaceutical company in regards to running major clinical trials.
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