Double blow for two biotechs
06.06.2012 - A Belgian-Swedish partnership between BioInvent International AB and ThromboGenics NV has suffered two setbacks.
Heverlee/Lund/Basel – Both partners announced that Roche had returned the rights to TB403 in certain cancer and non-cancer indications, including ophthalmology. Clinical studies with TB-403 to-date have shown that it is safe and well tolerated. Roche's decision was due to the prioritisation of resources in the pharma's portfolio.
TB-403 is a monoclonal antibody against placental growth factor (PlGF). PIGF is a naturally occurring protein that belongs to the family of vascular endothelial growth factors (VEGF) that promote the formation of blood vessels.
Furthermore, the two biotechs decided to halt further development of TB-402, a long acting coagulant following disappointing head-to-head results with Bayer's Xarelto in venous thromboembolism (VTE). "This is probably the end of the collaboration. We will invite BioInvent to co-invest in TB-403 in ophtalmology but given their cash position we think it is unlikely that they will carry on", said Chris Buyse, CEO of Thrombogenics, to Scrip.
Thrombogenics shareprice dropped more than 20%, Bioinvent's stock was send down almost 60%. Both companies announced a partnership in 2004. As part of the original deal, Bioinvent contributed its antibody library while Thrombogenics brought research and clinical expertise.http://www.european-biotechnology-news.com/news/news/2012-02/double-blow-for-two-biotechs.html