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Boehringer Ingelheim to acquire Actimis Pharmaceuticals
Boehringer Ingelheim GmbH
today announced an agreement to acquire
Actimis Pharmaceuticals, Inc., a privately owned biotech
company based in San Diego. The acquisition will occur through a
structured buyout in which Boehringer Ingelheim will acquire
shares of Actimis depending on the achievement of several
successive milestones with Actimisf leading asthma compound AP768. If
AP768, currently in phase I clinical development, is successfully
advanced into phase III, Boehringer Ingelheim will own 100% of
Actimisf shares. Upon successful completion
of the entire development programme, the total deal will be worth
US$ 515 million. Further financial details were not disclosed.
The compound AP768 interacts with CRTH21, a novel target for asthma and allergic rhinitis. Previous to the currently ongoing phase I clinical trial, the compound has been shown to have a more effective mechanism of action across multiple available animal models compared to currently marketed leukotriene receptor antagonists.
gActimisf compound provides an innovative addition to Boehringer Ingelheimfs portfolio of development candidates for the potential treatment of respiratory diseasesh, said Dr. Andreas Barner, Vice-Chairman of the Board Corporate Division Pharma Research, Development and Medicine at Boehringer Ingelheim. gFor many decades Boehringer Ingelheim has been advancing research and development in the respiratory area with new medicines, such as SpirivaR, which has significantly improved the treatment of COPD patients.h
gActimis and its investors are delighted with the highly innovative structure of this transaction with Boehringer Ingelheimh says Dr. Peter McWilliams, President and Acting CEO of Actimis. gThe scientific team at Actimis, under the leadership of founder, Dr. Kevin Bacon, have done a great job in bringing the program into the clinic and we are excited to have consummated an agreement with a company possessing the expertise and capabilities of Boehringer Ingelheim and are convinced they will do a superb job in taking the compound through the critical and demanding further steps in development.h
1 CRTH2: chemo-attractant receptor-homologous molecule expressed on TH2 mice cells
Actimis Pharmaceuticals, Inc., is a start-up biopharmaceutical company focused on the development of small molecule therapeutics for respiratory and inflammatory disorders. Actimis was created as a spin-off from the respiratory diseases therapeutic research portfolio of Bayer Healthcare AG. The spin-off was founded by Dr. Kevin Bacon and has received venture financing from a syndicate lead by Sanderling Ventures of San Mateo, California and Mitsui & Co Venture Partners of New York. Dr. Bacon was most recently Vice President and Global Head of Respiratory diseases research at Bayer Yakuhin Ltd., Japan where the programs were initiated.
Actimis's lead program, a small molecule antagonist against the receptor CRTH2, for once-daily dosing in asthma and atopic disease is currently in phase I clinical trials. Additionally, Actimis's portfolio contains a late-stage pre-clinical lead series of compounds against an independent target in asthma and allergic rhinitis. These compounds have been optimized to very high standards through a series of exhaustive internal controls and an intensive biology and chemistry program. Actimis's portfolio contains three additional novel validated targets in diseases including asthma, COPD and rheumatoid arthritis. Actimis' targets are focused upon the biology of the chemokine superfamily, small proteins released from a variety of cells under a variety of both physiological and pathological conditions.
April 28, 2005
BAYER HEALTHCARE AG SPIN-OUT, ACTIMIS PHARMACEUTICALS, COMPLETES $6 MILLION SERIES A FINANCING
Actimis Pharmaceuticals, Inc., a startup company dedicated to developing and commercializing small molecule therapeutics for respiratory and inflammatory diseases, today announced a $6 million private placement of its Series A stock. The financing was led by Sanderling Ventures of San Mateo, California. Additional investors include Mitsui & Co. Venture Partners of New York.
Bayer Healthcare AG has assigned the rights to five preclinical research programs to Actimis, including two advanced programs with highly optimized lead candidates and three additional research-stage programs. The majority of the targets represent first-in-class molecules and have broad application across respiratory diseases including asthma and chronic obstructive pulmonary disease (COPD) as well as inflammatory disorders including atopic dermatitis, rheumatoid arthritis, psoriasis and others. Financial terms of the transaction were not disclosed.
"Our validated targets and proprietary programs are well positioned to produce novel therapeutics that address critical unmet medical needs," said Kevin B. Bacon, Ph.D., founder and chief scientific officer of Actimis. "We are now setting up state-of-the-art laboratory facilities and looking to establish Actimis as a leading force in drug development for respiratory and inflammatory diseases, and we hope to file an investigational new drug application (IND) with the FDA in the near future."
"Actimis' research programs have been developed to an advanced stage using very high standards for both biological validation and medicinal chemistry. The companyfs work in chemokines and chemoattractants, which are an emerging new area of discovery and are the focus of the most advanced programs in Actimis' portfolio, has a high potential for therapeutic intervention," said Peter C. M. McWilliams, Ph.D., principal with Sanderling Ventures and chairman of Actimis. "We look forward to working with Actimis to rapidly advance these exciting programs to the clinic."