Biovitrum to spin out small molecule subsidiary

Sweden's Biovitrum announced that it will spin out its small molecule subsidiary Cambridge Biotechnology (CBT). CBT's pipeline includes one Phase II neuropathic pain project; Phase II and Phase I obesity projects, as well as a highly novel leptin mimetic candidate drug in obesity; and one pre-clinical and four pain and inflammation discovery programs. The company is also selling off its primary care programs. Both moves are part of Biovitrum's plan, announced in May, to restructure R&D operations and cut 100 jobs.

"CBT has a highly competent and successful stand-alone internal R&D organization based on solid technologies and know-how. As we leave small molecule, primary care drug development, I am convinced that CBT will be successful in the further development of its highly promising pipeline of primary care projects outside Biovitrum," said Martin Nicklasson, CEO of Biovitrum. He added: "This decision is a logic step in the execution of our strategic roadmap. Biovitrum will now continue its efforts on bringing valuable new medicines to people with high medical needs by focusing on specialist pharmaceuticals."

- here's Biovitrum's release

Related Article:
Biovitrum AB cuts staff as it restructures R&D ops