Chimerix Announces Exclusive Global License Agreement with SymBio Pharmaceuticals for Brincidofovir
September 30 2019 - 7:30PM
Chimerix (NASDAQ:CMRX), a development-stage biopharmaceutical
company dedicated to accelerating the advancement of innovative
medicines that make a meaningful impact in the lives of patients
living with cancer and other serious diseases, today announces an
exclusive global license agreement with SymBio Pharmaceuticals, Ltd
(SymBio), under which SymBio has exclusively licensed the worldwide
rights to develop, manufacture and commercialize brincidofovir in
all human indications, excluding the prevention and treatment of
smallpox. Moving forward, SymBio will be responsible for all future
development and commercialization as well as manufacturing costs
associated with brincidofovir in the licensed indications.
Under the terms of the agreement, Chimerix will receive an
upfront payment of $5 million plus potential clinical, regulatory
and commercial milestones of up to $180 million. In addition,
Chimerix is eligible to receive double digit royalties on net sales
of brincidofovir
worldwide.
“This transaction marks an important corporate milestone for
Chimerix, as we have transitioned our focus to the final stage of
development of brincidofovir as a medical countermeasure for
smallpox and to the Phase 3 development of dociparstat sodium
(CX-01) in front-line therapy for acute myeloid leukemia (AML). AML
remains an area of significant unmet need in which five-year
survival rates are less than 30%,” said Mike Sherman, President and
Chief Executive Officer of Chimerix. “The structure of this
agreement with SymBio allows Chimerix shareholders to participate
in the value of ongoing development of brincidofovir through
potential future milestone payments and royalties.”
“Furthermore, SymBio’s success in transitioning to a
commercial-stage biotechnology company, while simultaneously
developing a pipeline of novel molecules in oncology and virology,
illustrates the strength of their capability and capacity. SymBio
is well positioned to explore worldwide development of
brincidofovir beyond smallpox and we are excited by the promise of
this partnership,” continued Mr. Sherman.
Locust Walk acted as exclusive transaction advisor and Cooley
LLP acted as legal counsel to Chimerix.
About ChimerixChimerix is a
development-stage biopharmaceutical company dedicated to
accelerating the advancement of innovative medicines that make a
meaningful impact in the lives of patients living with cancer and
other serious diseases. Dociparstat sodium is an investigational
product targeting multiple proteins involved in cancer cell
resistance to chemotherapy under development for the treatment of
acute myeloid leukemia and other hematologic malignancies.
Brincidofovir (BCV, CMX001) is an anti-viral drug candidate in
development as a medical countermeasure for smallpox. For further
information, please visit the
Chimerix website, www.chimerix.com.
About SymBio Pharmaceuticals LimitedSymBio
Pharmaceuticals Limited was established in March, 2005 by Fuminori
Yoshida who previously served concurrently as Corporate VP of Amgen
Inc. and founding President of Amgen Japan. In May, 2016 SymBio
incorporated its wholly-owned subsidiary in the U.S., SymBio Pharma
USA, Inc. (Headquarters: Menlo Park, California, President: Mr.
Fuminori Yoshida). SymBio’s underlying corporate mission is to
“deliver hope to patients in need” as it aspires to be a leading
global specialty biopharmaceutical company dedicated to addressing
underserved medical needs.
Forward-Looking StatementsThis press release
includes forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 that are subject
to risks and uncertainties that could cause actual results to
differ materially from those projected. Forward-looking
statements include those relating to, among other things, the
potential benefits to be derived from the license agreement
with SymBio Pharmaceuticals, Ltd., including statements
related to the activity profile and opportunities for potential
development of brincidofovir (BCV); Chimerix’s ability to develop
disease modifying and potentially curative treatments for diseases,
including smallpox and AML. Among the factors and risks that
could cause actual results to differ materially from those
indicated in the forward-looking statements are risks that the
benefits of the agreement with SymBio may never be realized; risks
that BCV or dociparstat sodium may not obtain regulatory approval
from the FDA or foreign regulatory authorities or such
approval may be delayed or conditioned; risks that development
activities related to BCV or dociparstat sodium may not be
completed on time or at all; risks that ongoing or future clinical
trials may not be successful or replicate previous clinical trial
results, or may not be predictive of real-world results or of
results in subsequent clinical trials; risks and uncertainties
relating to competitive products and technological changes that may
limit demand for dociparstat sodium or BCV; risks that dociparstat
sodium or BCV may be precluded from commercialization by the
proprietary rights of third parties; and additional risks set forth
in the Company's filings with the Securities and Exchange
Commission. These forward-looking statements represent the
Company's judgment as of the date of this release. The Company
disclaims, however, any intent or obligation to update these
forward-looking statements.
CONTACT:Investor
Relations:
Michelle LaSpaluto 919 972-7115 ir@chimerix.com Will O’Connor Stern
Investor Relations will@sternir.com 212-362-1200
Chimerix (NASDAQ:CMRX)
Historical Stock Chart
From Aug 2024 to Sep 2024
Chimerix (NASDAQ:CMRX)
Historical Stock Chart
From Sep 2023 to Sep 2024