NetworkNewsWire
Editorial Coverage: Enormous amounts of money exchange hands in
the big pharma space as companies merge and are acquired — all in
search of the next blockbuster drug. While the discovery of a
blockbuster drug, or a drug that generates more than $1 billion in
sales per year, occurs rarely, the tremendous benefits of owning
blockbuster therapeutics can mean tens of billions of dollars for a
company during the patent-protected life of the drug. It makes
sense, then, that pharmaceutical giants are in hot pursuit of what
could be the next new drug — and the company that owns that drug.
180 Life Sciences Corp., a clinical-stage
biotechnology company that has entered into a definitive merger
agreement with KBL
Merger Corp. (NASDAQ: KBLM) (KBL Merger
Corp. Rights NASDAQ: KBLMR) (KBL Merger
Corp. Warrant NASDAQ: KBLMW) (180
Profile), could be one of those companies. All four of the
company’s founders have a background in developing therapeutics
that were snatched up by larger pharmaceutical companies for
billions. Certainly acquisitions is a common strategy for big
players in the pharma sector. Alexion
Pharmaceuticals Inc. (NASDAQ: ALXN) recently
entered into a definitive merger agreement to acquire Portola, a
commercial-stage biopharmaceutical company focused on
life-threatening blood-related disorders. Gilead
Sciences Inc. (NASDAQ: GILD) and Immunomedics
just announced that they have entered into a definitive agreement
as well; the agreement outlines Gilead intent to acquire
Immunomedics, a leader in next-generation antibody-drug conjugate
(ADC) technology. Eli
Lilly and Company (NYSE: LLY) is also pursuing an
acquisition target. Earlier this month the company announced plans
to acquire Disarm Therapeutics, a move that expands the company’s
R&D efforts in pain and neurodegeneration. And Vertex
Pharmaceuticals Incorporated (NASDAQ: VRTX) also
had an R&D objective — to develop curative cell-based
treatments for type 1 diabetes — when it acquired Semma
Therapeutics.
- Pharmaceutical giants are in hot pursuit of the next new drug
— and the company that owns it.
- 180 Life Sciences founders have impressive streak of
developing, selling large market drugs.
- KBLM, 180 Life Science have announced upcoming
acquisition.
- Company’s first target is Dupuytren’s contracture, a defect
that develops in the hands.
Click here to view
the custom infographic of the 180 Life Sciences
editorial.
Blockbuster Potential
180 Life
Sciences Corp. was started by four world-renowned
scientists who share an entrepreneurial spirit. The four own the
majority of the equity in 180 Life Sciences and aren’t
planning on selling any in the upcoming
merger with KBL Merger Corp. (NASDAQ:
KBLM), scheduled for completion by year end.
KBLM, the fourth Special Purpose
Acquisition Company (SPAC) run by CEO Marlene Krauss, MD.,
raised $115 million with the end goal of identifying and merging
with a company that offered a strong value proposition. An
innovator and pioneer in SPACs, Krauss has invested more than $1
billion through three previous institutional venture capital funds,
three prior SPACs and numerous IPOs. One of the first individuals
to obtain both an MD degree and an MBA degree from Harvard, she is
also one of only a few physicians to lead a SPAC. Krauss has a
passion for healthcare and a talent for identifying innovative
companies with blockbuster potential. Most recently, after
eliminating dozens of other potential choices, Krauss and KBLM
signed a definitive agreement to acquire 180 Life Sciences
Corp.
The opportunity seems clear. The distinguished biomedical 180
Life Sciences pioneers were the first to successfully develop new
anti-inflammatory drugs, such as the anti TNF biologics and the
anti-integrin inhibitors, in the late ‘90’s. More than two decades
later, these drugs are still on the market and generating billions
of dollars annually in sales.
Company founders and co-chairs Marc Feldmann and Lawrence
Steinman lead 180 Life Sciences drug-development efforts. Feldmann
is recognized for his groundbreaking work in discovering and
developing anti-TNF (tumor necrosis factor) therapy. The licensing
of his patent to Centocor Biotech led to the development of
Remicade and its acquisition for $4.9
billion by J & J. J & J wasn’t the only pharmaceutical
giant to come calling; AbbVie also licensed Feldman’s patents for
use with Humira, one of the best-selling drugs in the world.
Steinman also has leading drugs to his credit. His research led
to the development of Tysabri for treating multiple sclerosis and
inflammatory bowel disease. Tysabri, which currently generations an
estimated $2 billion in revenue, was ultimately bought by Biogen.
In addition, Steinman founded Neurocrine Biosciences, which
currently has a market capitalization of approximately $7.7
billion.
As chief scientific officer at Centocor, 180 Life Sciences
CEO James N. Woody, MD, was key in the discovery of Remicade,
the first available anti-TNF blockbuster. Woody also previously
founded Avidia and Proteolix, both of which Amgen has purchased.
180 Life Sciences chief scientific officer Jonathan Rothbard, MD,
played a key role in establishing Amylin Pharmaceuticals, which was
acquired for $7 billion by Bristol-Myers Squibb in 2012.
With such an impressive track record, these four scientists
certainly deserve both respect and attention — from both inside and
outside the industry. Life Sciences prominent group of leaders and
their impressive backgrounds should open channels of opportunity
for licensing, joint ventures or even buyouts.
Groundbreaking Study
In addition to its impressive leadership, 180 Life Sciences
commands attention for its groundbreaking study into clinical
programs designed to develop novel drugs that address separate
areas of inflammation for which there are no effective therapies.
180 Life Sciences currently operates three synergistic programs
that combine biotechnology and large-market therapeutics:
- The company’s primary platform is a novel program to treat
fibrosis using anti-TNF, with its lead program in phase 2b/3
clinical trials for treatment of Dupuytren’s contracture, a
debilitating disease that has no nonsurgical solutions.
- Inflammatory Pain (Preclinical): This program is focused on
discovering novel compounds to treat chronic inflammatory
pain.
- A7nAChR (Preclinical): Led by Lawrence Steinman and Jonathan
Rothbard, MD. 180 Life Sciences is seeking to develop a treatment
for ulcerative colitis in ex-smokers by targeting the a7nAChR, a
nicotine receptor in the body and a central factor in the body’s
method of controlling inflammation.
Targeting Dupuytren’s
It appears evident that the seasoned scientists at 180 Life
Sciences are working toward another blockbuster. Their first target
is Dupuytren’s contracture, a defect that typically develops in the
hands and impacts the layer of tissue underneath the skin of the
palm. The disease afflicts up to 12
million Americans in early or mild stages, with another 3
million who have at least one finger bent enough to have a
procedure as well as an estimated 750,000 who suffer from more
severe symptoms. Currently there are no treatments to
stop Dupuytren’s from progressing, leaving surgery as the only
viable treatment option.
With Dupuytren’s, knots and nodules form under the skin,
creating a thick cord that pulls one or more fingers into a bent
position. Humans are the only creatures that have hands that can
grasp, hold, move and manipulate, and Dupuytren's contracture
destroys that ability, severely impacting an individual’s quality
of life.
180 Life Sciences has commenced a special clinical therapy
program designed to prevent Duptyren’s finger and hand contracture
before it becomes severe and permanent or requires surgery. The
phase 2b/3 human clinical trials evaluate both dosing requirements
and efficacy in patients with the disease. 180 Life Sciences
received a U.S.
patent earlier this year for treatment of Dupuytren’s disease,
along with several other patents. A successful treatment for
Dupuytren’s might reach blockbuster status.
As clinical trials proceed on Dupuytren’s contracture, 180 Life
Sciences continues to expand its robust IP portfolio across the
company’s three major drug platforms in the areas of inflammation,
fibrosis and pain. The company’s patent portfolio is made up of
both its own IP and exclusive worldwide licenses with Oxford
University Innovation Limited, the Kennedy Trust for Rheumatology
Research University of Oxford, Stanford University and the Hebrew
University. The patent portfolio covers 14 patent families with 42
patents issued and 32 pending in several significant jurisdictions
around the world. Given the stature of the scientists and their
impressive track record of success, it wouldn’t be surprising to
see them develop another market moving therapeutic.
Big Pharma Acquisitions
Alexion
Pharmaceuticals Inc.’s (NASDAQ: ALXN)
announcement regarding its planned
acquisition of Portola means ALXN will also acquire Andexxa
(r), the first and only approved Factor Xa inhibitor reversal
agent. The drugs has demonstrated transformative clinical value by
rapidly reversing the anticoagulant effects of Factor Xa inhibitors
rivaroxaban and apixaban in severe and uncontrolled bleeding.
According to the company, this acquisition will add near-term
diversification to Alexion’s commercial portfolio and provide an
opportunity for the company to apply its demonstrated global
commercial excellence to create long-term value for patients and
shareholders.
In its acquisition of Immunomedics, Gilead
Sciences Inc. (NASDAQ: GILD) will also
acquire Trodelvy(tm) (sacituzumab govitecan-hziy), a
first-in-class Trop-2 directed antibody-drug conjugate (ADC) that
was granted accelerated approval by the U.S. Food and Drug
Administration in April for the treatment of adult patients with
metastatic triple-negative breast cancer (mTNBC) who have received
at least two prior therapies for metastatic disease. Immunomedics
plans to submit a supplemental Biologics License Application (BLA)
to support full approval of Trodelvy in the United States sometime
during Q4 2020 and is also planning to file for regulatory approval
in Europe in the first half of 2021.
Eli
Lilly and Company’s (NYSE: LLY) announcement this
month that it is acquiring Disarm
Therapeutics means the company will gain Disarm's promising
preclinical SARM1 programs for axonal degeneration. The strategic
acquisition is designed to expand Lilly's R&D efforts in pain
and neurodegeneration.
A privately held biotechnology company creating a new class of
disease-modifying therapeutics for patients with axonal
degeneration, Disarm has discovered novel, potent SARM1 inhibitors
and is advancing them in preclinical development, with the goal of
delivering breakthrough treatments to patients with peripheral
neuropathy and other neurological diseases such as amyotrophic
lateral sclerosis (ALS) and multiple sclerosis.
Vertex
Pharmaceuticals Incorporated (NASDAQ: VRTX)
acquired Semma
Therapeutics to further its goal of developing effective
treatments for Type 1 diabetes. A privately held biotech company,
Semma Therapeutics is pioneering the use of stem cell-derived human
islets as a potentially curative treatment for type 1 diabetes.
More than 1 million people suffer from type 1 diabetes in the
United States alone. Semma has made two major scientific advances:
the ability to produce large quantities of functional human
pancreatic beta cells that restore insulin secretion and ameliorate
hypoglycemia in animal models and a novel device that encapsulates
and protects these cells from the immune system, enabling durable
implantation without the need for ongoing immunosuppressive
therapy.
Acquisitions certainly seems like a common strategy in the world
of big pharma and in the pursuit of the elusive blockbuster drug.
The move rewards the dedicated efforts of smaller companies and
provides valuable resources to elevate a potential drug to the next
level.
For further information about 180 Life Sciences please
visit 180 Life
Sciences Corp. and check out the 180 Life Sciences
Corporate Media Kit.
KBL Merger Corp. (NASDAQ: KBLM), KBL Merger Corp. Rights (NASDAQ: KBLMR), KBL Merger Corp. Warrant
(NASDAQ: KBLMW), a Special Purpose
Acquisition Corporation (SPAC) announced that, in
connection with its previously detailed merger agreement
with 180 Life Sciences, it consummated a bridge financing on
June 29, 2020, and submitted its latest S4 filing with the SEC on
August 28, 2020. It expects to close the business combination in Q4
of 2020. Following the merger, the company will be listed on the
Nasdaq Capital Market under ticker symbol ATNF.
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This release contains “forward-looking statements” within the
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Additional Information about the 180 Life Sciences Business
Combination and Where to Find It
KBL Merger Corp. IV (“KBL”) has filed a registration statement
on Form S-4, which includes a preliminary proxy
statement/prospectus for KBL’s stockholders, with the Securities
and Exchange Commission. KBL’s definitive proxy
statement/prospectus will be mailed to KBL’s stockholders that do
not opt to receive the document electronically. KBL and 180 Life
Sciences urge investors, stockholders and other interested persons
to read the preliminary proxy statement/prospectus, as well as
other documents that will be filed with the SEC, because these
documents will contain important information about the proposed
business combination transaction. Such persons can also read KBL’s
Annual Report on Form 10-K for the fiscal year ended December 31,
2019, for a description of the security holdings of its officers
and directors and their respective interests as security holders in
the consummation of the proposed business combination transaction.
KBL’s definitive proxy statement/prospectus, which is included in
the registration statement, will be mailed to stockholders of KBL
as of a record date to be established. KBL’s stockholders will also
be able to obtain a copy of such documents, without charge, by
directing a request to: KBL Merger Corp. IV, 30 Park Place, Suite
45E, New York, NY 10007; e-mail: admin@kblvc.com These documents can also be
obtained, without charge, at the SEC’s web site (http://www.sec.gov)
Participants in Solicitation
KBL and its directors and executive officers may be deemed to be
participants in the solicitation of proxies for the special meeting
of KBL’s stockholders to be held to approve the proposed
transactions in connection with the business combination with 180
Life Sciences. Information regarding the persons who may, under the
rules of the SEC, be deemed participants in the solicitation of
KBL’s stockholders in connection with the proposed business
combination with 180 Life Sciences are set forth in the amended
preliminary proxy statement/prospectus included in the registration
statement that was filed with the SEC on August 28, 2020. You can
find information about KBL’s executive officers and directors in
its Annual Report on Form 10-K for the fiscal year ended December
31, 2019, which was filed with the SEC on April 7, 2020. You can
obtain free copies of these documents from KBL using the contact
information above.
Non-Solicitation
This communication is not a proxy statement or solicitation of a
proxy, consent or authorization with respect to any securities or
in respect of the proposed business combination between KBL and 180
Life Sciences and shall not constitute an offer to sell or a
solicitation of an offer to buy the securities of KBL and 180 Life
Sciences, nor shall there be any sale of any such securities in any
state or jurisdiction in which such offer, solicitation, or sale
would be unlawful prior to registration or qualification under the
securities laws of such state or jurisdiction. No offer of
securities shall be made except by means of a prospectus meeting
the requirements of Section 10 of the Securities Act of 1933, as
amended.
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