Last checked at 21 Oct 2011 07:00
For Immediate Release | 21 October 2011 |
Immupharma plc
ImmuPharma regains Lupuzor rights from Cephalon due to Teva merger
ImmuPharma plc (LSE:IMM) ("Immupharma" or the "Company" or the "Group"), the specialist discovery and development pharmaceutical company is pleased to announce that following discussions with Cephalon Inc (Cephalon), its licensee for Lupuzor™, it has regained rights to Lupuzor™, due to the acquisition of Cephalon by Teva Pharmaceutical Industries Ltd (Teva).
ImmuPharma entered into an option agreement with Cephalon in 2008 while in the middle of a Phase IIb study, which ImmuPharma designed, managed and funded. Cephalon paid ImmuPharma $15m before the results of the phase IIb study for the exclusive option to enter into the worldwide license. Following positive results of the ImmuPharma phase IIb study in early 2009, Cephalon exercised its option by paying a further $30m for an exclusive worldwide license. This was part of an agreement worth $500m in cash milestone payments plus royalties on product sales. Upon completion of the license agreement, Cephalon assumed all responsibilities and costs for the development and commercialisation of Lupuzor™.
In May 2011, Cephalon agreed to a takeover bid by Teva. The acquisition was finalized on October 14, 2011. Given the fact that Teva has a competing drug candidate for Lupus (laquinimod) and the existence of key provisions of the agreement between ImmuPharma and Cephalon, Immupharma requested the return of the rights for Lupuzor™.
KEY HIGHLIGHTS
·; ImmuPharma regains all rights to Lupuzor™.
·; Cephalon and ImmuPharma will decide the future of the current clinical trials that Cephalon initiated in Lupus patients in the US and Europe.
ImmuPharma expects to provide a detailed update of the development of Lupuzor™ in the near future, following the receipt of the appropriate information from Cephalon.
Commenting on the deal and the prospects for Lupuzor™, ImmuPharma's Chief executive, Dimitri Dimitriou, said:
"We are delighted to have Lupuzor back. This paves the way for new options for the future of the company. We appreciate the support of Cephalon in the development of Lupuzor during our collaboration."
For further information, please contact:
ImmuPharma PLC:
Dimitri Dimitriou, Chief Executive Officer +44 20 7152 4080
Richard Warr, Chairman
Buchanan Communications
Lisa Baderoon, Mark Court +44 20 7466 5000
Panmure, Gordon & Co., NOMAD & Broker
Andrew Burnett +44 20 7459 3600
Espirito Santo Investment Bank, Joint Broker
James Bromhead +44 20 7456 9191