Precision oncology biotech Ignyta has acquired worldwide rights and assets relating to four targeted oncology development programs from Teva Pharmaceutical Industries.
The companies announced that Ignyta will acquire four oncology assets from Teva in exchange for 1.5 million shares, or six percent of Ignyta’s common stock. Concurrently, Ignyta has entered into stock purchase agreements with Teva, and selected additional healthcare investors, whereby Teva will buy a further 1.5 million shares of common Ignyta stock at a price of $10 per share in a registered direct offering. The other investors will buy an additional 2.7 million shares at $10 per share, valuing the total offering at approximately $41.6 million.
“Teva has committed to finding novel ways for the ongoing development of early clinical stage and pre-clinical oncology R&D programs, which hold significant promise for cancer patients,” said Michael Hayden, President of Global R&D and Chief Scientific Officer of Teva. “Ignyta’s capabilities and focus in oncology will give these assets the best chance of realizing their potential for patients, and of maximizing their value for Teva.”
Ignyta is acquiring Teva’s CEP-32496, which Ignyta has renamed RDX-105, a potent small molecule inhibitor of BRAF, EGFR and RET that is currently in a Phase I/II dose escalation clinical trial; CEP-40783, which Ignyta has renamed RXDX-106, a potent, highly selective, pseudo-irreversible inhibitor of AXL and cMET that is in late preclinical development; CEP-40125, which Ignyta has renamed RXDX-107, a nanoformulation of a modified bendamustine with potentially activity in solid tumors that is in late preclinical development; and TEV-44229, which Ignyta has renamed RXDX-108, a potent, selective inhibitor of atypical kinase PKCiota that is in preclinical studies. Ignyta has also acquired next generation PKCiota inhibitors in addition to the lead compound.
“Acquiring these four development stage programs from Teva is truly transformational for Ignyta and well aligned with our strategic focus on developing first-in-class precision medicines to help cancer patients with unmet needs,” said Jonathan Lim, MD, Chairman and CEO of Ignyta. “These oncology programs add critical mass to our pipeline and further enable us to leverage our precision oncology platform, including our proprietary multiplex diagnostic assays and our CLIA certified, QSR compliant diagnostic laboratory. Furthermore, these new assets complement our entrectinib development program and extend our ability to target the majority of known oncogenic potential activity against many of the most frequent oncogenic drivers in this disease, and we plan to explore these opportunities through innovative clinical trial designs such as master protocols.”
According to Dr. Lim, the company plans to use the funds from Teva to further advance Teva’s precision oncology vision by developing targeted drugs for specific populations of cancer patients.
Source: Ignyta, Inc.
Last updated: 3/19/15; 9:50am EST