Biotie, UCB deal
UCB terminated an amended 2010 deal with Biotie granting UCB exclusive, worldwide rights to Biotie's tozadenant ( SYN115), which is in development for Parkinson's disease. UCB said the decision was based on an assessment of the company's clinical pipeline and preclinical opportunities and does not reflect any concerns regarding tozadenant's safety or efficacy. UCB said the termination will lead to a one-time write-off of about €40 million ($55.2 million) to the company's intangible assets and other related programs. All rights revert back to Biotie, which said a Phase III trial of the selective adenosine A2A receptor (ADORA2A) antagonist is expected to start in 1H15. Biotie said the write-off is the only financial implication of the termination. Biotie said it will consider other partners to assist in the development and commercialization of tozadenant. Biotie said it will give further guidance on any changes in the development timeline next quarter.
Under the February amendment to the deal, responsibility for Phase III testing transferred to Biotie from UCB, while UCB remained responsible for the manufacture and commercialization of the product (see BioCentury, Oct. 18, 2010 & March 4, 2013). ...