Actelion Obtains Option to Acquire Privately-Held Trophos
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Actelion Ltd and privately-held Trophos SA have announced that they have entered into a binding agreement whereby Actelion has, for EUR 10 million, obtained an exclusive option to acquire privately-held Trophos SA, a clinical stage pharmaceutical company.
Trophos' lead compound olesoxime has completed enrollment into a Phase III study in Amyotrophic Lateral Sclerosis (ALS), an orphan disease also known as Lou Gehrig's disease. This study is expected to report data by the end of 2011; at this time Actelion may exercise the option for an acquisition price between EUR 125 and EUR 195 million in cash, contingent on different regulatory approvals and other clinical progress of Trophos' pipeline.
Simon Buckingham, President, Global Corporate and Business Development: "Trophos has done an excellent job to enroll more than 500 ALS patients into a well-designed pivotal study. Once study results are available, Actelion is ideally positioned to leverage these achievements with our proven global regulatory and marketing expertise in the area of orphan drugs."
Trophos is a clinical stage company with a pipeline of new molecular entities in development for the motor neuron diseases ALS and spinal muscular atrophy (SMA) as well as a novel compound for cardiac ischemia-reperfusion injury.
Damian Marron, Chief Executive Officer at Trophos commented: "Since its inception, Trophos has made significant progress in turning its key expertise in neurodegenerative disorders and orphan diseases into achievements that include advancing our lead compound olesoxime into late stage clinical development. The development of olesoxime has benefited from significant support from patient communities, clinical investigators and the European Union (EU), including Trophos spearheading an EU-funded consortium dedicated to improving the treatment of ALS."
Damian Marron continued: "We are delighted with the option agreement with Actelion, which will bring additional expertise and competencies to enable Trophos' compound to rapidly reach patients following a successful study outcome."
Damian Marron concluded: "I am also pleased with the option agreement as it provides the Trophos' investors an opportunity to realize the value of their investments."
The two companies also agreed on a research collaboration to allow Actelion access to Trophos' proprietary CNS assay technology and compound library. The technology mimics neuronal degeneration processes in the test tube and is used to screen chemical compounds for their ability to block these processes.
