LEO Pharma and PellePharm Announce $760 Million Collaboration to Advance Innovative Therapies for Rare Skin Diseases
BALLERUP, Denmark & SAN FRANCISCO--(BUSINESS WIRE)--Nov 20, 2018--Danish dermatology specialists LEO Pharma and California rare disease pioneers PellePharm today announced a strategic development and commercialization collaboration to address unmet medical needs across various skin diseases with no approved treatments, advancing innovation and access to potential therapies for patients with life-altering conditions, such as Gorlin Syndrome and High Frequency Basal Cell Carcinoma (BCC), two distinct and rare forms of skin cancer.
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“We are very excited about the partnership with PellePharm, who are pioneers in Gorlin Syndrome and experts in rare skin diseases. Supporting our ambitious 2025 strategy, it marks LEO Pharma’s entrance in rare skin diseases and it offers a unique opportunity to bring the first treatment forward to people suffering from a very severe skin disease for which there currently are no approved therapies,” said Thorsten Thormann, vice president of research at LEO Pharma.
Under the terms of the agreement, LEO Pharma has initially committed $70 million comprised of equity financing and financial R&D support to fund the global Phase 3 trial for patidegib topical gel 2% for the prevention and treatment of Gorlin Syndrome, with LEO Pharma securing an option to acquire all shares in PellePharm. PellePharm and its stockholders could receive up to an additional $690 million including merger consideration, and regulatory and commercial milestone payments. In addition, PellePharm stockholders are eligible to receive a double-digit royalty after achieving certain commercial milestones.
Press release attached
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CONTACT: LEO Pharma Media Contact:
+45 3140 6180
email@example.comPellePharm Media Contact:
KEYWORD: UNITED STATES EUROPE ASIA PACIFIC NORTH AMERICA CENTRAL AMERICA SOUTH AMERICA CANADA CARIBBEAN CALIFORNIA DENMARK
INDUSTRY KEYWORD: HEALTH BIOTECHNOLOGY PHARMACEUTICAL RESEARCH SCIENCE
SOURCE: LEO Pharma
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PUB: 11/20/2018 06:02 AM/DISC: 11/20/2018 06:02 AM