Vernalis PLC Vernalis Notes RedoxTherapies Acquisition by Juno (2653E)

TIDMVER

RNS Number : 2653E

Vernalis PLC

15 July 2016

LSE: VER

Vernalis Notes the Acquisition of RedoxTherapies by Juno Therapeutics

RedoxTherapies to Continue to Pursue Development of Vipadenant (V2006)

Vernalis plc ("Vernalis" or the "Company") notes the announcement by Juno Therapeutics, Inc. ("Juno") (NASDAQ: JUNO) that RedoxTherapies, Inc. ("RedoxTherapies") and Juno have entered into a share purchase agreement, pursuant to which Juno acquired the outstanding shares of RedoxTherapies. After the acquisition, RedoxTherapies retains its worldwide license to vipadenant (V2006). The licence agreement continues to include clinical and regulatory milestones, as well as royalties on commercial sales. Vernalis originally entered into the license agreement with RedoxTherapies in October 2014.

Vipadenant is a small molecule A2A receptor antagonist that has the potential to disrupt an immunosuppressive mechanism of tumor protection, generating improved efficacy for immunotherapies of certain cancers when used in combination.

Ian Garland, CEO of Vernalis commented "We are delighted that Juno, a leader in CAR and TCR technologies, has acquired RedoxTherapies. We look forward to seeing RedoxTherapies continue to pursue the development of vipadenant."

This announcement contains inside information.

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Enquiries:

 
                                         +44 (0) 118 938 
 Vernalis plc:                                      0015 
 Ian Garland, Chief Executive 
  Officer 
 David Mackney, Chief Financial 
  Officer 
 Canaccord Genuity Limited (Nominated    +44 (0) 20 7523 
  Adviser):                                         8000 
 Dr Julian Feneley 
 Rupert Winckler 
 Henry Fitzgerald-O'Connor 
 Emma Gabriel 
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 Shore Capital (Joint Broker):                      4090 
 Bidhi Bhoma 
 Toby Gibbs 
                                         +44 (0) 20 3727 
 FTI Consulting:                                    1000 
 Ben Atwell 
 Simon Conway 
 Stephanie Cuthbert

Notes to Editors

About Vernalis

Vernalis is a revenue generating, commercial stage pharmaceutical company with significant expertise in drug development. The Group has three approved products: Tuzistra(R) XR targeting the US prescription cough-cold market; Moxatag(R) , a once-a-day formulation of the antibiotic, amoxicillin, indicated for the treatment of tonsillitis and/or pharyngitis secondary to Streptococcus pyogenes in adults and pediatric patients 12 years and older; and frovatriptan for the acute treatment of migraine. It has an exclusive licensing agreement to develop and commercialise multiple novel products focussed on the US prescription cough-cold market as well as eight programmes in its NCE development pipeline. Vernalis has also significant expertise in fragment and structure based drug discovery which it leverages to enter into collaborations with larger pharmaceutical companies. The Company's technologies, capabilities and products have been endorsed over the last five years by collaborations with leading pharmaceutical companies, including Asahi Kasei Pharma, Biogen Idec, Endo, GSK, Genentech, Lundbeck, Menarini, Novartis, Servier, Taisho, and Tris.

For further information about Vernalis, please visit www.vernalis.com.

Vernalis Forward-Looking Statement

This news release may contain forward-looking statements that reflect the Company's current expectations regarding future events including the clinical development and regulatory clearance of the Company's products, the Company's ability to find partners for the development and commercialisation of its NCE pipeline, the Company's ability to successfully commercialise its cough-cold products and Moxatag(R) through its own sales force, as well as the Company's future capital raising activities. Forward-looking statements involve risks and uncertainties. Actual events could differ materially from those projected herein and depend on a number of factors including the success of the Company's research strategies, the applicability of the discoveries made therein, the successful and timely completion of clinical studies, the uncertainties related to the regulatory process, the ability of the Company to identify and agree beneficial terms with suitable partners for the commercialisation and/or development of its products, as well as the achievement of expected synergies from such transactions, the acceptance of Tuzistra(R) XR, Moxatag(R) , frovatriptan and other products by consumers and medical professionals, the successful integration of completed mergers and acquisitions and achievement of expected synergies from such transactions, and the ability of the Company to identify and consummate suitable strategic and business combination transactions.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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July 15, 2016 02:00 ET (06:00 GMT)

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