TiGenix, Takeda in Cx601 deal
TiGenix N.V. (Euronext:TIG) rose EUR 0.22 (24%) to EUR 1.12 on Tuesday after it granted Takeda Pharmaceutical Co. Ltd. (Tokyo:4502) exclusive ex-U.S. rights to develop and market Crohn's disease candidate Cx601. In March, TiGenix presented data from the Phase III ADMIRE-CD trial that showed a single injection of the allogenic expanded adipose-derived stem cells met the primary endpoint of combined remission at week 24 vs. placebo to treat complex perianal fistulas in Crohn's disease patients (p=0.024).
TiGenix will receive EUR 25 million ($27.8 million) up front and Takeda will make a EUR 10 million ($11.1 million) equity investment in the biotech over the next 12 months. TiGenix is eligible for EUR 355 million ($394.9 million) in regulatory and sales milestones, plus double-digit royalties. Takeda will be responsible for all regulatory and commercialization activities in Europe, where Cx601 is under review for the indication. ...