Biogen Acquires Rare-Disease Drug for Strokes
Biogen has completed an asset purchase of Phase III candidate, Cirara (intravenous glyburide), a drug to treat a severe form of ischemic stroke from Remedy Pharmaceuticals’, a New York-based pharmaceutical company focused on drugs to treat central nervous system related to edema.
Under the agreement, Remedy will share in the cost of development for the target indication for Cirara for treating large hemispheric infarction stroke. Biogen will make an upfront payment of $120 million to Remedy and may also pay additional milestone payments and royalties. The Food and Drug Administration (FDA) recently granted orphan drug designation for the drug for treating severe cerebral edema in patients with acute ischemic stroke. The FDA has also granted the drug fast-track designation.
The transaction complements Biogen’s broader efforts to build a portfolio of treatments for acute ischemic stroke. Biogen currently is conducting a Phase IIb study to determine whether its monoclonal antibody, natalizumab, can help patients with acute ischemic stroke improve functional outcomes by limiting brain inflammation in the post-stroke period.