Servier signs drug discovery deal with Vernalis
pharmafile | May 7, 2009 | News story | Research and Development, Sales and Marketing | Servier, Vernalis
Servier, France's largest privately-owned pharma company, has signed a new three-year drug discovery deal with Vernalis focused on oncology.
UK biotech company Vernalis has a proprietary fragment and structure-based drug discovery platform which it will use to help Servier develop molecules to work on an undisclosed cancer target.
The new deal builds on an existing relationship between the companies in oncology drug discovery and will help Vernalis underwrite its own in-house development work.
Vernalis will receive fees and a share in the product in the form of milestones and royalties on sales if and when it reaches the market.
Ian Garland, chief executive of Vernalis, commented: "This latest collaboration with Servier confirms our excellent working relationship and Servier's recognition of the quality of our fragment and structure-based drug discovery platform.
"We are currently using this platform to progress two promising oncology targets involved in protein-protein interactions under our existing collaboration, as well as a number of our own internal research programmes."
Emmanuel Canet, president of Servier Research and Development, added: "We are benefiting significantly from our existing relationship with Vernalis as part of our strategy to increase our efforts in the development of novel anti-cancer therapeutic approaches. This new collaboration will further expedite the discovery of innovative compounds with potential use in therapeutic indications with high unmet medical need."
"Cancer represents a major cause of mortality worldwide and Servier is committed to providing patients with novel therapeutic approaches for treating these devastating diseases. We are confident that this new collaboration with Vernalis will further complement our research activities and help us to reach our objectives," added Bernard Marchand, general manager of Servier Research.
Vernalis looks to raise £22 million
Vernalis has also just announced a new share offer, through which it hopes to raise £22 million in funding.
As part of the new fundraising drive, the company's directors are buying more shares, while its major shareholder, Invesco Asset Management is increasing its holding to over 34%.
The company needs the funding to continue its in-house R&D programme, which is led by V3381, in development for neuropathic pain.
The company will invest in a phase IIb study and other phase III enabling activities, as well as a number of earlier stage projects.
Ian Garland commented: "Vernalis has, for its size, a broad pipeline of partnered and unpartnered drug candidates with significant therapeutic and commercial potential. Raising capital was an important first stage of our plan to re-build significant shareholder value and to remove a significant uncertainty over the Company's future.
"The major support from Invesco and the fully underwritten fundraising announced today will enable us to progress our promising pipeline both in-house and in collaboration with partners, and begin to re-build shareholder value."
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