Santhera Acquires Juvantia and Secures All Rights to JP-1730/Fipamezole
News Aug 17, 2009
Santhera Pharmaceuticals has announced that it exercised its option to acquire Oy Juvantia Pharma Ltd of Turku, Finland, the owner of JP-1730/fipamezole. Santhera will issue up to 105,973 previously reserved shares from its authorized capital to Juvantia investors subject to certain conditions. JP-1730/fipamezole, a first-in-class compound, recently completed Phase II development for the treatment of Dyskinesia in Parkinson's Disease.
Klaus Schollmeier, Chief Executive Officer of Santhera, said: "The positive FJORD Phase IIb results confirmed the efficacy of JP-1730/fipamezole in reducing levodopa-induced dyskinesia in patients suffering from Parkinson's disease. In order to exploit the full potential of the drug for Santhera, including potential out-licensing rights, we now have full access to all rights to the product."
Upon the exercise of the option, Santhera Pharmaceuticals Holding AG immediately became the owner of Juvantia. In consideration and subject to certain conditions, Santhera Pharmaceuticals Holding AG will later issue up to 105,973 previously reserved shares from its authorized capital to Juvantia investors.
The new shares will be listed on SIX Swiss Exchange. After closing of the transaction, the share capital of Santhera Pharmaceuticals Holding AG will consist of 3,628,688 listed shares with a nominal value of CHF 1 each and the available amount of authorized share capital will be reduced accordingly to CHF 323,945.
In July 2006, Santhera and Juvantia signed a collaboration agreement to advance the development of Juvantia's compound JP-1730/fipamezole for the treatment of Dyskinesia in Parkinson's Disease.
Under the agreement, Santhera was responsible for conducting and funding further development work. At the same time, a separate option agreement between Santhera and the Juvantia investors effectively granted Santhera the right to acquire Juvantia, thereby securing all rights to the program.