German pharmaceutical company Boehringer Ingelheim has announced an agreement to acquire Actimis Pharmaceuticals, Inc, a privately owned biotech company based in San Diego. US.
The acquisition will occur through a structured buyout in which Boehringer Ingelheim will acquire shares of Actimis depending on the achievement of several successive milestones with Actimis’ leading asthma compound AP768.
If AP768, currently in phase I clinical development, is successfully advanced into a phase III, Boehringer Ingelheim will own 100% of Actimis’ shares. Upon successful completion of the entire development programme, the total deal will be worth $515m. Further financial details were not disclosed.
The compound AP768 interacts with CRTH21, a novel target for asthma and allergic rhinitis. Previous to the currently ongoing phase I clinical trial, the compound has been shown to have a more effective mechanism of action across multiple available animal models compared to currently marketed leukotriene receptor antagonists.
“Actimis’ compound provides an innovative addition to Boehringer Ingelheim’s portfolio of development candidates for the potential treatment of respiratory diseases”, said Dr Andreas Barner, Vice-Chairman of the Board Corporate Division Pharma Research, Development and Medicine at Boehringer Ingelheim.
“Actimis and its investors are delighted with the highly innovative structure of this transaction with Boehringer Ingelheim” says Dr Peter McWilliams, President and Acting CEO of Actimis.