Philogen cancels IPO after Bayer terminates partnership
Milan/Berlin – Swiss-Italian biotech Philogen SpA has revoked its plan to sell a 23% stake worth EUR65.3m and go public on the Milan stock exchange this Friday. The move came after German Bayer HealthCare unexpectedly terminated an exclusive licence agreement with Philogen involving the firm’s immunocytokine darleukin (L19-IL2). At the time of Bayer’s announcement, the dimeric fusion protein of a fully human scFv which targets the Fibronectin EBD domain which almost exclusively occurs in tumour vasculature and the proinflammatory cytokine IL-2, was tested in two Phase II studies in malignant melanoma. In both, a primary endpoint was objective response rate. A spokesman for Bayer confirmed that it had informed Philogen about its decision to terminate the licensing agreement, but he declined to give any further details.