ImmuPharma regains Lupuzor rights (5819Q)
October 21 2011 - 2:00AM
UK Regulatory
TIDMIMM
RNS Number : 5819Q
Immupharma PLC
21 October 2011
For Immediate Release 21 October 2011
Immupharma plc
ImmuPharma regains Lupuzor rights from Cephalon due to Teva
merger
ImmuPharma plc (LSE:IMM) ("Immupharma" or the "Company" or the
"Group"), the specialist discovery and development pharmaceutical
company is pleased to announce that following discussions with
Cephalon Inc (Cephalon), its licensee for Lupuzor(TM), it has
regained rights to Lupuzor(TM), due to the acquisition of Cephalon
by Teva Pharmaceutical Industries Ltd (Teva).
ImmuPharma entered into an option agreement with Cephalon in
2008 while in the middle of a Phase IIb study, which ImmuPharma
designed, managed and funded. Cephalon paid ImmuPharma $15m before
the results of the phase IIb study for the exclusive option to
enter into the worldwide license. Following positive results of the
ImmuPharma phase IIb study in early 2009, Cephalon exercised its
option by paying a further $30m for an exclusive worldwide license.
This was part of an agreement worth $500m in cash milestone
payments plus royalties on product sales. Upon completion of the
license agreement, Cephalon assumed all responsibilities and costs
for the development and commercialisation of Lupuzor(TM).
In May 2011, Cephalon agreed to a takeover bid by Teva. The
acquisition was finalized on October 14, 2011. Given the fact that
Teva has a competing drug candidate for Lupus (laquinimod) and the
existence of key provisions of the agreement between ImmuPharma and
Cephalon, Immupharma requested the return of the rights for
Lupuzor(TM).
KEY HIGHLIGHTS
-- ImmuPharma regains all rights to Lupuzor(TM).
-- Cephalon and ImmuPharma will decide the future of the current
clinical trials that Cephalon initiated in Lupus patients in the US
and Europe.
ImmuPharma expects to provide a detailed update of the
development of Lupuzor(TM) in the near future, following the
receipt of the appropriate information from Cephalon.
Commenting on the deal and the prospects for Lupuzor(TM),
ImmuPharma's Chief executive, Dimitri Dimitriou, said:
"We are delighted to have Lupuzor back. This paves the way for
new options for the future of the company. We appreciate the
support of Cephalon in the development of Lupuzor during our
collaboration."
For further information, please contact:
ImmuPharma PLC:
Dimitri Dimitriou, Chief Executive Officer +44 20 7152 4080
Richard Warr, Chairman
Buchanan Communications
Lisa Baderoon, Mark Court +44 20 7466 5000
Panmure, Gordon & Co., NOMAD & Broker
Andrew Burnett +44 20 7459 3600
Espirito Santo Investment Bank, Joint Broker
James Bromhead +44 20 7456 9191
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCFMMZGVGNGMZM
Immupharma (LSE:IMM)
Historical Stock Chart
From Jun 2024 to Jul 2024
Immupharma (LSE:IMM)
Historical Stock Chart
From Jul 2023 to Jul 2024