Boehringer acquires Pharmaxis' NASH candidate
Boehringer Ingelheim GmbH (Ingelheim, Germany) exercised its option to acquire global rights to anti-inflammatory candidate PXS4728A and related molecules from Pharmaxis Ltd. (ASX:PXS; Pink:PXSLY). Boehringer plans to develop the oral vascular adhesion protein-1 (VAP-1; SSAO) inhibitor to treat non-alcoholic steatohepatitis (NASH). The compound is in a Phase I study to treat inflammatory disease.
The option exercise triggers an upfront payment of EUR 27.5 million ($31.3 million) to Pharmaxis, which is eligible for EUR 55 million ($62.6 million) in development milestones, EUR 140 million ($159.4 million) in regulatory milestones, undisclosed commercial milestones and tiered royalties. The companies said Pharmaxis is also eligible for similar milestones if the compound is approved in a second indication, and said PXS4728A has potential in chronic obstructive pulmonary disease (COPD). ...