Celladon gains on Servier option
Celladon Corp. (NASDAQ:CLDN) jumped as much as 94% on Monday before closing the day up $1.93 (26%) to $9.50 after granting Servier (Neuilly-sur-Seine, France) an exclusive option to license ex-U.S. rights to discover, develop and commercialize ATPase Ca++ transporting cardiac muscle slow twitch 2b ( ATP2A2b; SERCA2b) modulators for Type II diabetes and other metabolic diseases. Celladon did not receive a payment for granting the option, which is exercisable after the parties complete predefined in vitro and in vivo studies. If Servier exercises the option, Celladon will receive an undisclosed upfront payment and be eligible for milestones and royalties.
If Servier exercises the option, both companies would support discovery efforts but Servier would be responsible for ex-U.S. development costs and commercialization. Celladon would retain all U.S. rights to compounds and worldwide rights to compounds outside of diabetes and metabolic diseases. ...