Sanofi-Aventis acquires French biotech Fovea
pharmafile | October 1, 2009 | News story | Sales and Marketing | Sanofi, ophth
Sanofi-Aventis is to acquire Fovea Pharmaceuticals, a privately held French company with a focus on diseases of the eye.
Fovea has a portfolio of three clinical compounds, and several discovery programs dedicated to back of the eye diseases and ophthalmology.
The deal will help Sanofi restock its pipeline, and is part of the company’s wider strategy to overhaul research.
Chris Viehbacher, chief executive of Sanofi-Aventis, said the Fovea deal was a further step in strengthening the company’s R&D portfolio.
He added: “Fovea and its unique technology platform represent a major opportunity for Sanofi-Aventis in the very promising and dynamically growing ophthalmic area, driven by unmet medical needs and aging population. I am extremely excited to welcome Fovea in the Sanofi-Aventis family and to work with highly motivated teams to bring innovative solutions to patients for the treatment of ocular diseases.”
Fovea, established in 2005, has close ties to the Vision Institute at the National Eye Hospital in Paris, which gathers research teams from University Pierre and Marie Curie.
The company’s three products in development are:
* FOV 1101, an eye drop, fixed dose combination of prednisolone and cyclosporine, currently in phase II for the treatment of persistent allergic conjunctivitis.
* FOV 2302, an intravitreal formulation of a plasma kallikrein inhibitor, in phase I for the treatment of Retinal Vein Occlusion induced macular oedema.
* FOV 2304, a potent antagonist of bradykinin B1 receptors, active by eye drop, scheduled to enter in phase I by November 2009 for the treatment of diabetic macular oedema.
In addition, Fovea says it has scientific capabilities around an innovative discovery platform, dedicated to ophthalmology and especially retinal diseases, and several ongoing research and development programs in glaucoma, retinitis pigmentosa and age-related macular degeneration.
Under the terms of the agreement, Sanofi is to purchase Fovea for a total value of up to 370 million euros, including an immediate upfront payment and subsequent milestone payments related to the three clinical compounds.
Under Viehbacher, who become chief executive in December last year, Sanofi has been seeking to overhaul its research strategy in order to restock a dwindling pipeline.
It has cut the number of projects in its research portfolio in order to focus on the most promising, and is also undergoing consolidation of its research facilities in France, which has caused controversy among workers.
The company needs new product candidates, such as those it will acquire from Fovea, as it faces generic competition to its top-selling drug Plavix in 2011, and its most profitable drug Lovenox already faces early generic challenges in the US.
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