12:00 AM
 | 
Apr 21, 2008
 |  BioCentury  |  Strategy

Piramed's exit scheme

Phosphoinositide 3-kinase is a hot target area where multiple companies are working. The one Roche picked to buy, Piramed Ltd., includes scientific founders who were among the first in the field.

Roche is paying $160 million in cash for Piramed, plus a potential milestone of $15 million.

The company was founded in 2003 based on an exclusive global license to inhibitors of PI3K to treat a broad range of cancers and inflammation, obtained from the Ludwig Institute of Cancer Research, Cancer Research U.K. and Yamanouchi Pharmaceutical Co. Ltd. (now Astellas Pharma Inc.) The company's scientific founders - Michael Waterfield, Peter Parker and Paul Workman - were involved in the cloning, expression and functional analysis of the six major PI3K enzymes.

Piramed's PI3K alpha program entered Phase I studies last month and has shown potential in a variety of cancers. The...

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