Inflazyme Shareholders Approve R&D Asset Sale to Biolipox
Posted on: Monday, 19 November 2007, 12:00 CST
Inflazyme Pharmaceuticals said that its shareholders approved the sale of the majority of its research and development assets to Biolipox, a Swedish pharmaceutical company. Of the votes cast, 98% were in favor of the resolution for the sale of the assets.
In return for the sale of its assets which consist of the PDE inhibitors, the LSAIDs and the protein therapeutics technology, Inflazyme receives $4 million in cash and up to $7 million in potential milestones. The deal also includes royalty payments which comprise of $1.5 million upon a decision to enter a Phase IIb clinical study with a PDE inhibitor, $2.5 million upon a decision to initiate a Phase III study with a PDE inhibitor, $3 million upon a decision to begin a Phase III clinical study with an LSAID and a royalty of 1.25% on net sales of the first PDE inhibitor commercialized.
Inflazyme may also receive up to 35% of the proceeds from the subsequent sale or licensing of the protein therapeutics technology if this occurs within 12 months of the asset sale. This transaction is expected to close on November 19, 2007.
The acquisition of Biolipox by Orexo, a public Swedish pharmaceutical company was recently approved by the Orexo shareholders. Inflazyme has been assured that its technology remains an important asset in the new combined entity of Orexo.
Source: Datamonitor
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