Karolinska Development AB (publ): Athera and Boehringer Ingelheim enter into an option agreement on a novel therapy for Atherosclerosis
STOCKHOLM, Sweden I June 19, 2013 I Athera Biotechnologies AB (KDEV.ST) today announced that it has entered into an option agreement with Boehringer Ingelheim International GmbH on a novel preclinical antibody program, whereby Athera grants to Boehringer Ingelheim an exclusive option to acquire the entire program. Karolinska Development AB owns 65% of Athera Biotechnologies AB.
Athera's fully-human monoclonal antibody is intended for the treatment of patients with cardiovascular disease, who are at an increased risk of secondary events and death.
Pursuant to the terms of the option agreement, Athera will conduct defined preclinical development and a Phase I study for the lead antibody and, following the completion of such study, Boehringer Ingelheim will have an exclusive option to acquire substantially all of Athera's assets and rights relating to the program. In exchange for Athera's granting of the option, Boehringer Ingelheim will pay an option fee. The size of the fee and the other terms of the option are not being disclosed but this transaction is in line with market average terms for programs at similar stages of development.
"We are proud that Athera's research has attracted a top tier company to enter an option agreement of this magnitude and we are confident that Boehringer Ingelheim, with its vast experience and resources within the cardiovascular field, is the ideal partner for this innovative program", said Torbjörn Bjerke, CEO and President at Karolinska Development.
"The option agreement with Boehringer Ingelheim is an important validation of the quality in Athera's cardiovascular antibody program and together with the recently announced EU grant we have now secured financing through Phase I clinical trials and the potential exercise of the option agreement", said Carina Schmidt, CEO of Athera Biotechnologies.
TO THE EDITORS
About Athera Biotechnologies AB
Athera has a unique and in-depth understanding of the immunological components in atherosclerosis, the inflammatory process leading to cardiovascular disease (CVD). The lead product candidate, PC-mAb, is in late preclinical development. In addition, Athera has developed a biomarker and companion diagnostic CVDefine® kit. The biomarker, anti-PC, is linked to increased risk for cardiovascular disease and could in the future be used for identification of patients that benefit from Athera's novel therapeutics. For more information, please visit www.athera.se.
About Karolinska Development AB
Karolinska Development aims to create value for patients, researchers, and investors by developing innovations from world class science into products that can be sold or out-licensed with high returns. The business model is to: SELECT the most commercially attractive medical innovations; DEVELOP innovations to the stage where the greatest return on investment can be achieved; and COMMERCIALIZE the innovations through the sale of companies or out-licensing of products. An exclusive deal flow agreement with Karolinska Institutet Innovations AB, along with other cooperation agreements with leading universities, delivers a continuous flow of innovations. Today, the portfolio consists of 36 projects, of which 15 are in clinical development. For more information, please visit www.karolinskadevelopment.com.
SOURCE: Karolinska Development