AstraZeneca acquires all rights to Orexo´s OX-CLI project
Uppsala, Sweden – March 17, 2016 – Orexo AB (publ) today announced that AstraZeneca has decided to acquire all rights to the leukotriene C4 synthase inhibitor program (OX-CLI project) for MUSD 5. AstraZeneca established a collaboration with Orexo AB for OX-CLI in 2013 and maintained an option to acquire all rights in the program. As the program has advanced into pre-clinical development with an identified development compound (candidate drug), AstraZeneca has chosen to exercise this option.
OX-CLI is directed to develop a novel treatment of respiratory disorders such as asthma and COPD. It is based on a new chemical entity (NCE) and AstraZeneca has been responsible for all research and development activities and investments since 2013. After the acquisition of the rights to OX-CLI, AstraZeneca will continue the drug development without further involvement of Orexo AB. In accordance to the option agreement from 2013, Orexo AB will receive a payment of MUSD 5 for the rights to OX-CLI. Future milestone payments can be expected when OX-CLI meets defined development and commercial objectives. In addition to the milestones Orexo will receive a tiered single digit royalty on future net-revenue associated to sales of products based on the
Nikolaj Sørensen, CEO of Orexo AB, said: “I am pleased that AstraZeneca has decided to exercise the company’s option to acquire this novel and innovative program. It is an important sign of confidence in OX-CLI, from one of the leading companies within respiratory diseases. We look forward to follow the continued product development of OX-CLI, which we believe has the potential to become an important new medication in the treatment of respiratory diseases.”
“Pushing the boundaries of science to transform disease management and improve asthma patient outcomes is central to our respiratory strategy, and the OX-CLI compounds could enable us to offer a completely new personalised treatment for patients whose condition is caused by the dysregulation of leukotrienes. I am particularly pleased to see this new collaboration come to fruition as it could help to further strengthen the Nordic Life Science eco-system,” said Maarten Kraan, VP, RIA Innovative Medicines unit, AstraZeneca.
For further information, please contact:
Nikolaj Sørensen, CEO and President
Tel: + 46 (0)18 780 88 00, +46 (0)70-350 78 88, E-mail: email@example.com
Orexo is a specialty pharmaceutical company commercializing its proprietary product Zubsolv for treatment of opioid dependence in the US. Zubsolv is an advanced formulation of buprenorphine and naloxone using Orexo’s unique knowledge and expertise in sublingual drug delivery. R&D is focusing on reformulation of known substances to new improved products that meet great unmet medical needs by using its patented proprietary technologies. Orexo’s share is listed on Nasdaq Stockholm Mid Cap (STO:ORX) and is available as ADRs on OTCQX (ORXOY) in the US. Orexo’s global headquarters and R&D are based in Uppsala, Sweden. www.orexo.com
AstraZeneca is a global, innovation-driven biopharmaceutical business that focuses on the discovery, development and commercialization of prescription medicines, primarily for the treatment of diseases in three main therapy areas – respiratory, inflammation, autoimmune disease (RIA), cardiovascular and metabolic disease (CVMD) and oncology – as well as in infection and neuroscience. AstraZeneca operates in over 100 countries and its innovative medicines are used by millions of patients worldwide. For more information please visit: www.astrazeneca.com.
Orexo AB (publ) discloses the information provided herein pursuant to the Financial Instruments Trading Act. The information was submitted for publication at 08:00 a.m. CET on March 17, 2016.