Date: 2013-07-15
Type of information: Company acquisition
Acquired company: Syntaxin (UK)
Acquiring company: Ipsen (France)
Amount: up to €130 million or more depending on the achievement of development and commercial milestones
Terms: * On 15 July 2013, Ipsen (Euronext: IPN; ADR: IPSEY) announced today the closing of the acquisition of Syntaxin, a UK-based private life sciences company specialized in botulinum toxin engineering. Under the terms of the agreement, Ipsen will pay €28 million upfront, as well as further contingent payments that could reach €130 million or more depending on the achievement of development and commercial milestones. Furthermore, Syntaxin’s shareholders will receive the greater part of additional downstream payments related to the company’s most advanced asset, currently in Phase II clinical trials.The transaction fits into Ipsen’s strategy to reinforce its core technological platforms, peptides and toxins. Syntaxin has a wealth of experience in botulinum toxin biology, supported by an extensive patent portfolio – with 75 granted patents and over 130 patents pending. Syntaxin and Ipsen started collaborating in 2010. A year later, they signed a global strategic partnership to explore the discovery and development of new compounds in the field of recombinant botulinum toxins. Syntaxin’s team has used its extensive expertise in the discovery of new therapeutic candidates while Ipsen applied its skills to pharmacological, preclinical and clinical assessment of the compounds.
Dr Keith Foster and Dr John Chaddock, the co-founders of Syntaxin, will join Ipsen to help the Group build a highly differentiated and innovative toxin platform. Syntaxin’s recombinant toxin expertise and Ipsen’s know-how will be a powerful combination to release the full potential of the Targeted Secretion Inhibitors platform across Ipsen’s therapeutic areas of neurology, endocrinology and uro-oncology.
Prior to the transaction, Ipsen owned c.10% of Syntaxin’s capital on a fully diluted basis. Ipsen expects to achieve full integration by the end of the year. Ipsen has been supported on this transaction by Lazard Ltd, Freshfields Bruckhaus Deringer LLP, and Bristows LLP (for IP matters).
Details: Syntaxin is a private UK based life sciences company with a strong expertise in botulinum neurotoxin biology. Syntaxin pursues a dual development strategy to maximise the value of its Targeted Secretion Inhibitor (TSI) technology platform and its expertise in the botulinum neurotoxin (BoNT) biology space. Syntaxin’s TSI are biological molecules synthesized in microbial cell culture. Using a combination of inherent and engineered functional protein domains, Syntaxin’s TSI selectively bind to their chosen targeted cells and become internalised to deliver an endopeptidase into the cell cytoplasm. The endopeptidase cleaves proteins known as SNAREs (soluble N-ethylmaleimide-sensitive factor attachment protein receptor). SNAREs are located on the secretory vesicle and the inside-face of the plasma membrane and are required for exocytosis. Cleavage of SNAREs by the TSI endopeptidase prevents further vesicular secretion. The duration of action of the TSI is determined by the endopeptidase half-life and the SNARE protein cleavage products in the cytoplasm. Syntaxin’s lead programme, AGN 214868 (Senrebotase), is progressing through collaboration with Allergan.
The Company’s development expertise is focused on endocrine disorders and on partnerships to access therapeutic expertise in the broader areas of oncology, respiratory, opthalmology and musculoskeletal disorders.
Related: Endocrine diseases
Musculoskeletal disorders
Neurotoxin biology
