News

Lundbeck places €10m in Biotie
Enlarge image

BusinessDenmarkFinland

Lundbeck places €10m in Biotie

10.09.2012 - The Scandinavian duo Lundbeck and Biotie agreed on a deal that includes a €10m equity investment and amended commercialisation rights.

Danish H. Lundbeck A/S from Copenhagen trusts in Biotie Therapies Corp. from Turku (Finland). First clinical data from pivotal Phase III studies with Selincro (nalmefene) were presented earlier this year. Despite being not overly compelling to the public – and a data update being overdue – the results seem to be convincing enough for the two collaborating partners to strengthen their ties.

On 7 September, Lundbeck invested €10m in Biotie by subscribing for 18,604,651 shares (€0.5375 per share). This represents an 4.6% equity stake after the share issue as the share capital of Biotie is now increasing to €176m. The investment comes with an amended license agreement. Biotie is now eligible for up to €89m in upfront and milestone payments which includes now a €5m sales milestone for Japan in comparison with the old agreement. The deal also includes a reduction in royalties on the sales on markets outside the EU, the EFTA and the US, which puts Lundbeck in the position to launch Selincro at a more competitive price.

Lundbeck holds the worldwide development and commercialisation rights to Selincro. The marketing authorisation for the EU was already filed in December 2011. A decision by the EMA is expected this year. Selincro is a small molecule opioid receptor antagonist that inhibits the reward pathway in the brain that reinforces the desire and craving for alcohol and other addictive substances. As a result, Selincro targets a novel principle in the treatment of alcohol dependence by removing a person’s desire to drink.

http://www.european-biotechnology-news.com/news/news/2012-03/lundbeck-places-eur10m-in-biotie.html

R&DEUBelgium

18.12.2014 IMI has launched a €115m call for proposals involving a project in collaboration with the Bill and Melinda Gates Foundation to improve vaccines against whopping cough in children.

PoliticsEUPolandItalySpainUK

16.12.2014 Two consortia combined of 144 European companies, research institutes and universities have been selected for funding by the EIT in the areas of health and raw materials. Both clusters are set to acquire €1.1bn over the next seven years.

M&ALuxembourg

11.12.2014 Luxembourg bio-analytical testing company Eurofins Scientific has signed an agreement to acquire Boston Heart Diagnostics Corp. for an initial €112m.

StudySwitzerlandEU

10.12.2014 When it comes to the biggest investors in Research and Development (R&D) Swiss pharma top dogs Novartis and Roche have defended their positioning among the top ten companies worldwide – according to a recently published EU study.

FinancingUKSpain

09.12.2014 British drug delivery specialist Midatech Pharma plc floated on the London stock market. It is the third biotech IPO on the AIM market this year.

CooperationAustria

05.12.2014 Austrian contract research company VTU has entered into a development and commercialisation agreement with US company RCT. The partners want to combine both companies' Pichia pastoris protein production technologies under VTU's roof.

FinancingDenmark

03.12.2014 Danish biotech pharma Ascendis has successfully completed a €48m Series D financing round. The funding is expected to support its late-stage clinical trials to push its lead drug into Phase III trials.

RegulationUKFranceGermanySpain

01.12.2014 In spite of innovative new medicines on the market, the UK and Germany lag behind other countries and continue to use older medicines - especially in the treatment of cancer. French and Spanish patients, on the other hand, benefit much earlier from medical innovation.

Events

All Events

Current issue

All issues

Product of the week

Products