Athera and Boehringer Ingelheim Enter Into an Option Agreement
News Jun 21, 2013
Athera Biotechnologies AB has announced that it has entered into an option agreement with Boehringer Ingelheim International GmbH on a novel preclinical antibody program, whereby Athera grants to Boehringer Ingelheim an exclusive option to acquire the entire program. Karolinska Development AB owns 65% of Athera Biotechnologies AB.
Athera’s fully-human monoclonal antibody is intended for the treatment of patients with cardiovascular disease, who are at an increased risk of secondary events and death.
Pursuant to the terms of the option agreement, Athera will conduct defined preclinical development and a Phase I study for the lead antibody and, following the completion of such study, Boehringer Ingelheim will have an exclusive option to acquire substantially all of Athera’s assets and rights relating to the program.
In exchange for Athera’s granting of the option, Boehringer Ingelheim will pay an option fee. The size of the fee and the other terms of the option are not being disclosed but this transaction is in line with market average terms for programs at similar stages of development.
"We are proud that Athera's research has attracted a top tier company to enter an option agreement of this magnitude and we are confident that Boehringer Ingelheim, with its vast experience and resources within the cardiovascular field, is the ideal partner for this innovative program", said Torbjörn Bjerke, CEO and President at Karolinska Development.
“The option agreement with Boehringer Ingelheim is an important validation of the quality in Athera’s cardiovascular antibody program and together with the recently announced EU grant we have now secured financing through Phase I clinical trials and the potential exercise of the option agreement”, said Carina Schmidt, CEO of Athera Biotechnologies.