Biogen, Mitsubishi Tanabe Pharma Form $544 M Pact for AutoImmune Drug
Biogen and Mitsubishi Tanabe Pharma have formed a license agreement on MT-1303, a therapeutic agent for autoimmune disease, discovered and developed by Mitsubishi Tanabe Pharma.
MT-1303 is a sphingosine-1-phosphate (SIP) receptor functional agonist. By inhibiting the receptor function of the SIP receptor on the lymphocyte, it keeps lymphocytes sequestered in the lymph nodes to prevent autoimmune reactions. Mitsubishi Tanabe Pharma is conducting clinical trials for MT-1303 for multiple sclerosis (MS), psoriasis, Crohn’s disease, and lupus in Europe and Japan.
Under the agreement, Mitsubishi Tanabe Pharma grants Biogen the exclusive right to develop and market the drug globally except in Japan and elsewhere in Asia. Mitsubishi Tanabe Pharma has a right to participate in Biogen’s global clinical trials as well as a co-promotion right in the United States in non-MS indications. Mitsubishi Tanabe Pharma receives an upfront payment of $60 million from Biogen and may receive up to $484 million in additional milestone payments according to territories and indications. The company will receive royalties according to sales volume after Biogen’s marketing of the product.
The deal is subject to custom closing conditions and is expected to close by the end of 2015.
Source: Mitsubishi Tanabe Pharma