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Eddingpharm Acquired Global Rights to Oncology Assets, Including Telatinib, from ACT Biotech01.03.2014

SHANGHAI, Jan. 8, 2014 /PRNewswire/ --Eddingpharm today announced that an asset purchase agreement (APA) has beensigned with ACT Biotech, Inc. (ACT Biotech), a biopharmaceutical company basedin the United States. Eddingpharm acquired worldwide rights to three smallmolecule drug assets (Telatinib, ACTB1003, and ACTB1010) and other molecules fromACT Biotech. Eddingpharm made an upfront payment to ACT Biotech upon theclosing of the transactions contemplated under the APA. ACT Biotech is alsoeligible to receive clinical, regulatory, and commercial milestone payments.The total consideration, including the upfront payment, may reach up to U.S.$95 million.

The lead asset, Telatinib, is a VEGFR inhibitorready for Phase III development for gastric cancer. The other two programsACTB1003 (FGFR/VEGFR2 inhibitor) and ACTB1010 (Aurora kinases inhibitor) are inPhase I-ready and preclinical stages, respectively. Eddingpharm plans toinitiate trials for Telatinib in China and continue the development that ACTBiotech started in the U.S. Eddingpharm also intends to take the other twoassets into clinical development in either the U.S. or China.

Eddingpharm founder and CEO Xin Ni commented,"Eddingpharm is pleased to expand its oncology portfolio by acquiringglobal rights to these three promising compounds. We look forward to resumingACT Biotech's work by advancing these important drugs to the next phase oftrials in the U.S., China, and beyond."

This transaction represents the next step inEddingpharm's growth strategy and commitment to oncology. Owning the globalrights to these innovative products will allow Eddingpharm to optimize itsdevelopment strategies for China and the rest of the world.

Bernard Peperstraete, MD, Acting President andChief Executive Officer of ACT Biotech commented, "We believe that thistransaction represents an attractive opportunity for ACT Biotech, itsstockholders and for cancer patients, and we are delighted that ACT's promisingoncology portfolio will be further developed by such a strong andinternationally well-positioned partner." John Costantino, managing partnerat NGN Capital, ACT Biotech's lead investor, noted, "Eddingpharm'sexperience in commercializing oncology products promises to accelerate andfurther unlock the full potential of these potent cancer compounds."

 

Purchased Assets

Telatinib

Telatinib, is a potent and selective smallmolecule VEGFR inhibitor ready for Phase III in gastric cancer, a leading causeof cancer-related death in China. Telatinib stands out in the well-validatedVEGFR space for its manageable safety profile and promising objective responserates across the 300 patients treated to this point. Telatinib is currentlyready for Phase III with trial design supported by the FDA and EMA, and aSpecial Protocol Assessment (SPA) was granted by the FDA.

ACTB1003

Phase I-ready ACTB1003 inhibits both FGFR andVEGFR2. The asset has a strong pharmacological profile.

ACTB1010

ACTB1010 is an Aurora kinase inhibitor inpreclinical development.

 

About Eddingpharm

Founded in 2001, Eddingpharm is a fast growingspecialty pharmaceutical company in the Chinese market, committed to activelyintroducing quality products into China's pharmaceutical market. The Companyfocuses on the development and promotion of pharmaceutical products in fourtherapeutic areas: clinical nutrition, oncology, antibiotics and respiratorysystem. Eddingpharm has established long-term cooperative relationships with anumber of multinational pharmaceutical companies and overseas specialtypharmaceutical companies, and has built up a competitive product portfolio andpipeline in the four major therapeutic areas. Eddingpharm recently establishedits U.S. affiliate and set up a product development team with R&Dcapabilities in Los Angeles, CA, USA, to coordinate and communicate withleading global R&D institutions and explore opportunities for introducinginnovative pharmaceutical products in China. The Company currently employs over700 people.

 

About ACT Biotech

ACT Biotech, Inc., is a biopharmaceuticalcompany that was founded in 2008. Prior to Eddingpharm's asset acquisition, ACTBiotech focused on the development and commercialization of highly targeted,orally available cancer drugs. ACT Biotech's lead product candidate wasTelatinib. Telatinib demonstrated robust antitumor activity with a solid safetyprofile in a Phase 2 clinical trial in stomach cancer. Telatinib has also shownencouraging antitumor activity in a broad clinical trial program as a singleagent in colorectal, kidney, stomach and liver cancers. ACT Biotech's productcandidates were originally developed at Bayer Pharmaceuticals and were licensedby ACT Biotech following Bayer's merger with Schering AG. ACT Biotech is backedby NGN Capital and Sobera Capital GmbH.