Cadence, Incline Therapeutics, Medicines Co. deal
The Medicines Co. will acquire Incline for $185 million up front plus up to $205 million in milestones. The Medicines Co. will gain exclusive, worldwide rights to Ionsys fentanyl, which Incline licensed from the Alza Corp. subsidiary of Johnson & Johnson (NYSE:JNJ, New Brunswick, N.J.) in 2010. The transdermal fentanyl patch was marketed in the EU for short-term management of acute postoperative pain but recalled in 2008 after J&J identified a defect in the production system. Ionsys was approved but never launched in the U.S. When Incline licensed Ionsys, it said the product would need to be approved again by regulatory authorities before it could be marketed. The Medicines Co. said on a conference call to discuss the deal that Incline fixed the defect. The company plans to submit an NDA to FDA for Ionsys in 2H13; a regulatory filing in Europe is slated for 2014. The boards of both companies unanimously approved the deal, which is expected to close next quarter. BofA Merrill Lynch advised The Medicines Co. Leerink advised Incline. Wilmer Hale was legal advisor to The Medicines Co. Cooley LLP was legal advisor to Incline (see BioCentury, June 28, 2010). ...