Date: 2015-05-12
Type of information: Company acquisition
Acquired company: minority interest in AM-Pharma (The Netherlands)
Acquiring company: Pfizer (USA - NY)
Amount: $87.5 million and up to $512.5 million upon option exercise
Terms: * On May 12, 2015, AM-Pharma, a privately held Dutch biopharmaceutical company focused on the development of recombinant human Alkaline Phosphatase (recAP ) for inflammatory diseases, and Pfizer announced that Pfizer has acquired a minority equity interest in AM-Pharma and secured an exclusive option to acquire the remaining equity in the company. The option becomes exercisable upon completion of a Phase II trial of recAP in the treatment of Acute Kidney Injury (AKI) related to sepsis. There are no drugs currently approved for this condition and the only treatment option is dialysis and supportive care. Results from the current Phase II trial for recAP are expected in the second half of 2016. Under the terms of the agreement, Pfizer has made an upfront payment of $87.5 million for the minority equity interest and exclusive option, with additional potential payments of up to $512.5 million upon option exercise and potential launch of any product that may result from this agreement. Other terms of the transaction were not disclosed.
Details: AM-Pharma is focused on the preclinical and clinical development of recAP (recombinant Human Alkaline Phosphatase) as a treatment of acute kidney injury (AKI), uulcerative colitis (UC), and hypophosphatasia (HPP). Based on the results of the Phase II trials with bovine Alkaline Phosphatase in AKI and UC, AM-Pharma developed an innovative recombinant form of human Alkaline Phosphatase (recAP), which will be used in future trials and for commercialization. Since inception, the company has raised €67 million from a syndicate of international investors including Inventages, Forbion Capital Partners, Gilde Healthcare, Ysios Capital, Kurma biofund, IDInvest Partners, BB Biotech Ventures, Abbvie and Shire. The most recent financing round in September 2014 was €12.2 million, for the completion of a Phase II study of recAP in AKI patients, as well as continued development of an oral formulation of recAP for UC patients. The company has recently recruited the first 3 patients into its Phase II trial of recAP in sepsis-associated acute kidney injury. The clinical trial is now underway in 9 countries, and will involve 50 sites. The primary objective of the trial is to determine the most effective dose of recAP and to establish proof-of-concept in ameliorating AKI through measuring kidney function, and to confirm the favourable safety data from previous trials. This product has also been granted orphan drug status for the treatment of hypophosphatasia in the US and in the EU.
Related: Autoimmune diseases - Inflammatory diseases - Kidney diseases - Renal diseases
