Date: 2014-11-12
Type of information: Termination of an agreement
Compound: antibody program PC-mAb
Company: Athera Biotechnologies (Sweden) Boehringer Ingelheim (Germany)
Therapeutic area: Cardiovascular diseases
Type agreement: R&D
licensing
Action mechanism:
Disease: cardiovascular diseases
Details: * On June 19, 2013. Athera Biotechnologies and Boehringer Ingelheim have entered into an option agreement on a novel preclinical antibody program, whereby Athera grants to Boehringer Ingelheim an exclusive option to acquire the entire program. Karolinska Development AB owns 65% of Athera Biotechnologies AB.
Athera’s fully-human monoclonal antibody is intended for the treatment of patients with cardiovascular disease, who are at an increased risk of secondary events and death. Boehringer Ingelheim’s decision to terminate the option agreement has been made as a consequence of a re-focus in its corporate R&D strategy. Athera’s ongoing Phase I study with PC-mAb will proceed as planned and the co-financing of future development costs through the EU FP7 program CARDIMMUN is not affected by Boehringer Ingelheim’s decision.
Pursuant to the terms of the option agreement, Athera will conduct defined preclinical development and a Phase I study for the lead antibody and, following the completion of such study, Boehringer Ingelheim will have an exclusive option to acquire substantially all of Athera’s assets and rights relating to the program. In exchange for Athera’s granting of the option, Boehringer Ingelheim will pay an option fee. The size of the fee and the other terms of the option are not being disclosed but this transaction is in line with market average terms for programs at similar stages of development.
Financial terms:
Latest news: * On November 12, 2014, Athera Biotechnologies, a Karolinska Development AB portfolio company, announced that Boehringer Ingelheim International GmbH will not exercise the option agreement to license Athera’s cardiovascular antibody due to
re-evaluation of Boehringer Ingelheim’s R&D strategy. The ongoing clinical development program at Athera of the fully human antibody PC-mAb is not affected by the termination of the agreement. A phase 1 clinical trial is currently ongoing. Athera Biotechnologies will now pursue work within the EU FP7 project CARDIMMUN, aiming to generate proof-of-activity data. The company will also initiate activities to secure a new strategic partner for the later phases of clinical development and commercialization
