ARTICLE | Company News
Boehringer terminates Vitae BACE deal
July 28, 2015 2:53 AM UTC
Vitae Pharmaceuticals Inc. (NASDAQ:VTAE) dropped $0.70 to $9.68 after it said Boehringer Ingelheim GmbH (Ingelheim, Germany) will terminate for "strategic business reasons" a 2009 licensing deal for Vitae's beta-secretase inhibitor program, effective Oct. 21. Boehringer had paid Vitae $42 million -- including a licensing fee, research funding and an equity investment -- up front in the deal (see BioCentury Extra, June 15, 2009).
Boehringer will return to Vitae rights to the beta-site APP-cleaving enzyme inhibitor BI1147560/VTP-36951 and to BACE1 inhibitor BI1181181/ VTP-37948. ...