Biogen Acquires Remedy Pharmaceuticals’ Late-Stage Drug CIRARA™
May 18 2017 - 9:00AM
Business Wire
Remedy Pharmaceuticals, a privately-held pharmaceutical company
focused on bringing life-saving treatments to people affected by
central nervous system diseases and injuries, today announced that
Biogen (NASDAQ:BIIB) completed an asset purchase of its Phase 3
candidate, CIRARA. Biogen made an upfront payment of $120 million
to Remedy and may also pay additional milestone payments and
royalties.
The target indication for CIRARA is large hemispheric
infarction, a severe form of ischemic stroke where brain swelling
often leads to disproportionately large share of stroke-related
morbidity and mortality. The U.S. Food and Drug Administration
(FDA) recently granted CIRARA Orphan drug designation for severe
cerebral edema in patients with acute ischemic stroke. The FDA has
also granted CIRARA Fast Track designation.
“We’ve spent over a decade on this mission to bring CIRARA to
this desperately-in-need patient population,” notes David
Geliebter, Executive Chairman, Remedy Pharmaceuticals. "Biogen’s
expertise in CNS brings us closer to helping people afflicted with
central nervous system related edema to not only survive, but live
life to the fullest.”
“While one chapter closes for us, another exciting one begins
for Remedy,” says Sven Jacobson, CEO of Remedy Pharmaceuticals, “As
we seek out other innovative life science opportunities that play
to our core strengths and values.”
About Biogen
Through cutting-edge science and medicine, Biogen discovers,
develops and delivers worldwide innovative therapies for people
living with serious neurological and neurodegenerative diseases.
Founded in 1978, Biogen is a pioneer in biotechnology, and today
the company has the leading portfolio of medicines to treat
multiple sclerosis; has introduced the first and only approved
treatment for spinal muscular atrophy; and is at the forefront of
neurology research for conditions including Alzheimer’s disease,
Parkinson’s disease and amyotrophic lateral sclerosis. Biogen also
manufactures and commercializes biosimilars of advanced
biologics.
About Remedy Pharmaceuticals
Founded in 2005, Remedy Pharmaceuticals, Inc. is a
privately-held pharmaceutical company focused on improve the lives
of patients with CNS-related illnesses and injuries through
cutting-edge science and unconventional thinking. Remedy is based
in New York City.
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version on businesswire.com: http://www.businesswire.com/news/home/20170518005388/en/
Remedy PharmaceuticalsSven Jacobson, 212-586-2226 x
225sven@remedypharmaceuticals.com
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