InSight Innovations to buy CureTech in $550m deal
pharmafile | March 28, 2018 | News story | Research and Development, Sales and Marketing | Cancer, CureTech, Insight Innovations, Pfizer, Teva, brain cancer, brain tumour, immunotherapy, israel
Israeli drug firm CureTech is be sold for the third time in four years, this time to InSight Innovations in a deal with a potential worth of $550 million which includes the former’s in-development cancer immunotherapy drug.
As part of the deal, InSight will make an immediate payment of $50 million which will be used to fund development of CureTech’s immunotherapy candidate, which is currently geared towards the treatment of diffuse intrinsic pontine glioma (DIPG), a rare variety of brain tumour. The remainder of this initial payment will be distributed among the company’s shareholders. Clal Biotechnology Industries (CBI), which owns a controlling 53% stake in CureTech, will also receive $3 million as part of the agreement.
CureTech are eligible to make as much as $550 million in milestone and royalty payments from the partnership. In the event that the drug candidate eventually secures FDA approval for an orphan indication in children, as is planned, the deal also stipulates that CureTech is entitled to 20% of the $150 million which the drug would be awarded.
CureTech and its candidate have known several owners over the past few years, being previously bought by Israeli firm Teva who completed its acquisition in 2011. After investing millions into the candidate on the back of positive trial data, the company eventually sold CureTech back to previous owner CBI in 2012, before it was sold to Medivation in 2014, which was itself acquired by Pfizer in 2016. Last October, CureTech shelled out $20 million to buy back the rights to its drug, and it is reported that some of the money raised through this most recent deal will be used to fund the firm’s payment to Pfizer.
Matt Fellows
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