Codexis and Nestlé Health Science Enter Into Healthcare-Focused Protein Engineering Platform Partnership
October 12 2017 - 8:00AM
Codexis, Inc. (NASDAQ:CDXS), a leading protein engineering company,
and Nestlé Health Science announce a strategic collaboration
encompassing multiple projects accessing Codexis’ CodeEvolver®
protein engineering platform. The collaboration includes an
option for the global development of Codexis’ novel, orally
delivered, enzyme, CDX-6114, for the management of phenylketonuria
(PKU), an orphan metabolic disorder. In addition, Nestlé
Health Science has secured strategic access to the CodeEvolver®
protein engineering platform for the discovery of biotherapeutics
for other metabolic disorders, and for the development of novel
enzyme products for Nestlé Health Science’s Medical Nutrition and
Consumer Care business areas.
Terms of the partnershipUnder the terms of the
option agreement, Nestlé Health Science will make an upfront
payment of $14 million. Codexis will be eligible to receive
clinical development, approval and commercial milestone payments
related to CDX-6114 as well as tiered royalties on product
sales. Codexis will be responsible for the clinical
development costs for CDX-6114 up to and including phase 1 in
healthy volunteers. Thereafter, Nestlé Health Science will
have an option to obtain an exclusive global license to CDX-6114
and will be responsible for all future development and
commercialization. Beyond CDX-6114, Nestlé Health Science
secures a right of first negotiation over enzyme therapies for
inborn errors of amino acid metabolism, which Codexis has in its
pipeline or may discover over the next five years.
The partnership also includes a strategic collaboration where
Codexis and Nestlé Health Science will leverage the CodeEvolver®
platform technology to develop novel enzymes for Nestlé Health
Science’s established Consumer Care and Medical Nutrition business
areas.
“This transaction validates our CodeEvolver® protein engineering
platform technology as a biotherapeutic discovery engine, and also
highlights our ability to establish customized partnerships for
unlocking the power of proteins with a growing list of the world’s
great companies,” said John Nicols, Codexis President and Chief
Executive Officer. “We look forward to a long term and very
productive relationship with the team at Nestlé Health
Science.”
Greg Behar, Chief Executive Officer of Nestlé Health Science,
stated, “Enzymes are key to healthy functioning. When enzymes are
not present or not working properly there can be an impairment of a
wide range of processes critical for human health. The partnership
with Codexis strengthens our footprint in the enzyme field, a fast
developing part of the nutritional therapy innovation frontier that
is changing the way we manage our health.”
About Phenylketonuria (PKU) PKU is an inborn
metabolic disorder resulting from a mutation in the gene for the
enzyme that converts the essential amino acid phenylalanine,
present in almost all dietary protein, into tyrosine. As a result
of this deficiency, phenylalanine builds up to levels that are
toxic in the brain, causing serious neurological symptoms including
intellectual disability, seizures and cognitive and behavioral
disabilities. To avoid phenylalanine toxicity and the most severe
disease symptoms, individuals with PKU must follow a strict,
life-long diet that is low in phenylalanine and supplement their
diet with a synthetic phenylalanine-free formula to provide
sufficient nutrients. Maintaining a strict, life-long diet is a
challenge for individuals with PKU. There are an estimated 50,000
people with PKU in the developed world.
About Nestlé Health ScienceNestlé Health
Science, a wholly-owned subsidiary of Nestlé, is a health-science
company engaged in advancing the role of nutrition therapy to
change the course of health for consumers, patients and its
partners in healthcare. Nestlé Health Science’s portfolio of
nutrition solutions, diagnostics, devices and drugs targets a
number of health areas, such as inborn errors of metabolism,
pediatric and acute care, obesity care, healthy aging, and
gastrointestinal and brain health. Through investing in innovation
and leveraging leading edge science, Nestlé Health Science brings
forward innovative nutritional therapies with clinical, health
economic value and quality of life benefits. Nestlé Health Science
employs around 3,000 people worldwide and is headquartered in
Epalinges (near Lausanne), Switzerland. For more information,
please visit www.nestlehealthscience.com.
About Codexis, Inc.Codexis, Inc. is a leading
protein engineering company that applies its technology to the
development of biocatalysts for commercial manufacture of
pharmaceuticals and fine chemicals, as well as the development of
enzymes as biotherapeutics and for molecular diagnostics.
Codexis’ proven technology enables implementation of biocatalytic
solutions to meet customer needs for rapid, cost-effective and
sustainable manufacturing. For more information, see
www.codexis.com.
Forward-Looking Statements This press release
contains forward-looking statements relating to Codexis’
partnership with Nestlé Health Science, including further
validation of Codexis’ CodeEvolver® protein engineering platform
technology as a biotherapeutic discovery engine, Codexis’ ability
to establish customized partnerships for unlocking the power of
proteins with a growing list of the world’s great companies, and
the long-term and productive nature of Codexis’ relationship with
Nestlé Health Science. You should not place undue reliance on these
forward-looking statements because they involve known and unknown
risks, uncertainties and other factors that are, in some cases,
beyond Codexis’ control and that could materially affect actual
results. Factors that could materially affect actual results
include Codexis’ dependence on its licensees and collaborators;
Codexis’ dependence on a limited number of products and customers;
potential adverse effects to Codexis’ business if its customers’
products are not received well in the markets; Codexis’ ability to
deploy its technology platform in new market spaces; Codexis’
dependence on key personnel; Codexis’ ability to compete may
decline if it loses some of its intellectual property rights; third
party claims that Codexis infringes third party intellectual
property rights; and Codexis could face increased competition if
third parties misappropriate Codexis biocatalysts. Additional
factors that could materially affect actual results can be found in
Codexis’ Annual Report on Form 10-K filed with the Securities and
Exchange Commission on March 9, 2017 and Quarterly Report on Form
10-Q filed with the Securities and Exchange Commission on August 9,
2017, including under the caption “Risk Factors.” Codexis expressly
disclaims any intent or obligation to update these forward-looking
statements, except as required by law.
Codexis Contact: Gordon SangsterChief Financial
Officer(650) 421-8115gordon.sangster@codexis.com
Investor Relations Contact:LHA Investor
RelationsJody Cain(310) 691-7100 jcain@lhai.com
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