STOCKHOLM, Dec. 14, 2018 /PRNewswire/ -- BioArctic AB (publ)
(Nasdaq Stockholm: BIOA B) announced today that BioArctic and its
partner AbbVie (NYSE: ABBV) have received U.S. Federal Trade
Commission (FTC) clearance to license BioArctic's alpha-synuclein
antibody portfolio for Parkinson's disease and other potential
indications to AbbVie.
On November 2, 2018, BioArctic
announced that the company had received a Notice of Option Exercise
under the Research, Development, Option and License Agreement dated
as of September 15, 2016 between
AbbVie and BioArctic. The exercise of the option was subject to
filing and clearance under U.S. Antitrust legislation, a condition
which has now been fulfilled. AbbVie's exercise of the option to
license the alpha-synuclein antibody portfolio triggers a milestone
payment of MUSD 50 to BioArctic. The total aggregate value of the
license agreement is up to MUSD 755, plus royalties. Previously
MUSD 80 have been received.
In 2016, BioArctic and AbbVie, a research-focused global
biopharmaceutical company, entered into a strategic collaboration
to develop and commercialize BioArctic's portfolio of antibodies
directed at pathological species of alpha-synuclein for the
treatment of Parkinson's disease and other potential
indications.
BAN0805 is the most advanced alpha-synuclein targeting antibody
within the BioArctic portfolio and is being developed as a disease
modifying treatment for Parkinson's disease. AbbVie will progress
BAN0805, now known as ABBV-0805, into clinical development with the
first clinical study planned for 2019. BioArctic will continue to
deliver on-going agreed activities in line with the on-going
collaboration agreement.
Parkinson's disease is the second most common neurodegenerative
disease in the world, and is expected to grow from approximately
6.2 million patients to 12.9 million by 2040.1 Mutations in the
alpha-synuclein gene are strongly linked to the development of
Parkinson's disease in a small number of patients with an inherited
form of the disease. Alpha-synuclein accumulation in the form of
toxic aggregates and intracellular deposits (Lewy bodies) is a key
neuropathological feature of the more common sporadic Parkinson's
disease.
"I am very pleased that AbbVie has licensed BioArctic's
alpha-synuclein antibody portfolio as this decision marks an
important milestone and strengthens our collaboration. I am looking
forward to continuing the successful partnership with the ambition
to deliver a new innovative disease modifying treatment to improve
the quality of life for the large number of patients with
Parkinson's disease," said Gunilla
Osswald, CEO at BioArctic.
For more information, please
contact
Gunilla
Osswald, PhD, CEO, BioArctic AB
E-mail: gunilla.osswald@bioarctic.se
Telephone: +46-8-695-69-30
Christina Astrén, Director IR & Communications, BioArctic
AB
E-mail: christina.astren@bioarctic.se
Telephone: +46-70-835-43-36
This information is information that BioArctic AB (publ) is
obliged to disclose pursuant to the EU Market Abuse Regulation. The
information was released for public disclosure, through the agency
of the contact persons above, on December
14, 2018, at 08.00 a.m.
CET.
About Parkinson's disease
Parkinson's disease
is a progressive disease of the nervous system that is associated
with reduced levels of dopamine in the brain. Tremor and movement
disturbances are the pathological hallmarks of the disease, but it
is also characterized by dementia, depression, sleep disturbance
and other symptoms. As the second most common neurodegenerative
disease, after Alzheimer's disease, Parkinson's disease affects a
large number of individuals and their families. Many who fall ill
are still at working age resulting in considerable financial
consequences for the individual and society. Patients with
Parkinson's disease suffer from an extensive loss of nerve cells in
a part of the brain associated with movement. These nerve cells
contain the so-called Lewy bodies consisting of aggregated
misfolded alpha-synuclein that are associated with cell loss.
Alpha-synuclein aggregates can also be released from the cells and
travel to neighboring cells, whereby the disease is spread from one
area of the brain to another. Research has shown that mutations in
the alpha-synuclein gene lead to Parkinson's disease.
1) Dorsey and Bloem, JAMA
Neurology 2018;75:9-10
About BioArctic
BioArctic AB (publ) is a Swedish
research-based biopharma company focusing on disease-modifying
treatments and reliable biomarkers and diagnostics for
neurodegenerative diseases, such as Alzheimer's disease and
Parkinson's disease. The company also develops a potential
treatment for Complete Spinal Cord Injury. BioArctic focuses on
innovative treatments in areas with high unmet medical needs. The
company was founded in 2003 based on innovative research from
Uppsala University, Sweden. Collaborations with universities are
of great importance to the company together with our strategically
important global partners in the Alzheimer (Eisai) and Parkinson
(AbbVie) projects. The project portfolio is a combination of fully
funded projects run in partnership with global pharmaceutical
companies and innovative in-house projects with significant market-
and out-licensing potential. BioArctic's B-share is listed on
Nasdaq Stockholm Mid Cap (ticker: BIOA B). For more information
about BioArctic, please visit us at
www.bioarctic.com.
About AbbVie
AbbVie is a global, research and
development-based biopharmaceutical company committed to developing
innovative advanced therapies for some of the world's most complex
and critical conditions. The company's mission is to use its
expertise, dedicated people and unique approach to innovation to
markedly improve treatments across four primary therapeutic areas:
immunology, oncology, virology and neuroscience. In more than
75 countries, AbbVie employees are working every day to advance
health solutions for people around the world. For more information
about AbbVie, please visit www.abbvie.com.
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