Aurinia Pharmaceuticals, ILJIN, Isotechnika deal
Isotechnika and Aurinia announced plans to merge in a 60/40 stock deal that will consolidate rights for voclosporin, a cyclosporine analog that inhibits calcineurin. Aurinia was spun out of Vifor Pharma Ltd. last year to develop voclosporin in the U.S. and territories outside of Canada, China, Israel, South Africa and Taiwan for lupus and proteinuria nephrology indications. Vifor, the specialty pharma unit of Galenica Ltd. (SIX:GALN, Bern, Switzerland), licensed the rights from Isotechnika. Isotechnika has rights in Europe to voclosporin. The newco, which will retain the name of Aurinia Pharmaceuticals Inc., plans to begin a Phase IIb trial of voclosporin to treat lupus nephritis next half. The companies are not disclosing financial terms (see BioCentury, Jan. 9, 2012).
The deal, which is expected to close by March 15, is contingent upon approval by Isotechnika shareholders and Isotechnika's ability to raise C$3 million ($3 million) in debt or equity. Isotechnika President and CEO Robert Foster will become CEO of the newco, while Aurinia CEO Michael Martin will become president and CBO. ...