Genetrix & TiGenix in cell therapy deal
31.07.2015 - Spanish business developer Genetrix has sold its clinical stage cell therapy development subsidiary Coretherapix to Belgian TiGenix in a deal worth up to €267m.
TiGenix NV, which expand into cardiology indications with the acquisition of Coretherapix S.L., is paying Genetrix S.L. €6.7m upfront, €1.2m in cash and€5.5m in new TiGenix shares. Additionally, Genetrix may receive up to €460m if development and sales milestones are reached, plus royalties. Each additional product to reach the market will net the Madrid-based company another €25m. In return, TiGenix will add Coretherapix’s lead cellular product AlloCSC-01 to its pipeline. AlloCSC-01 is an allogeneic cardiac stem cell product currently in a Phase II clinical trial for acute myocardial infarction, which is expected to show final results in 2017.
For Genetrix, the deal is a success for reasons other than monetary. “The acquisition of Coretherapix by TiGenix demonstrates the considerable potential of regenerative medicine and the AlloCSC-01 programme,” explains Cristina Garmendia, President of Genetrix. “It shows that Genetrix has developed projects that can spark the interest of industry partners.” Garmendia, one of the biotech pioneers in Spain, founded Genetrix in 2000 as a business development company for the Life Sciences. Genetrix has managed to snag industry attention before. Three years ago, the company sold its sequencing technology subsidiary X-Pol Biotech to German Sygnis.
Coretherapix S.L. was founded in 2006 with the aim of developing effective and off-the-shelf products for the treatment of ischemic cardiac disease. It has developed AlloCSC-01 from adult allogeneic cardiac progenitor/stem cells. “Our preclinical data has shown evidence of the strong cardio-protective and immunoregulatory activity of AlloCSC-01. In vivo studies suggest that AlloCSC-01 has a cardio-reparative potential activating endogenous regenerative pathways and promoting the formation of new contractile tissue,” the company states.
For TiGenix, the acquisition means growth, most of all. “This acquisition is an important step towards our ambition to become one of the world leaders in the cell therapy space,” stressed Eduardo Bravo, CEO of TiGenix.