CSL partners with Dutch biotech VarmX in deal worth up to $760m
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The news: Biotech giant CSL has agreed to partner with Dutch outfit VarmX to develop a "potentially first-in-class" coagulation treatment.
The numbers: Under the terms of the agreement, CSL will fund VarmX's global phase 3 trial evaluating a new treatment to restore blood coagulation in patients taking a FXa inhibitor.
More than 20 million patients globally take FXa inhibitors as chronic anticoagulation therapy, with around 3% of those patients experiencing severe bleeding or requiring urgent surgery.
The deal will also see CSL support late-stage product development, manufacturing and pre-launch commercial and medical affairs activities.
CSL will make an upfront payment to VarmX of USD117 million ($175 million) for an exclusive option to acquire the company. CSL will have the right to exercise the option upon receipt of the phase 3 data.
Subject to the exercise of the option and certain milestones and regulatory clearances being reached, VarmX will receive payments of up to USD388 million up to the launch of the treatment, plus further commercial milestones.
Commercial launch is anticipated in 2029.
What they said: "This new treatment will potentially address a clear and significant unmet medical need in a well-defined and growing patient population," said CSL chief executive Paul McKenzie.
"It also fits with our strategy of seeking more external partners to help accelerate our clinical and commercial pipeline through investments in validated, clinical-stage opportunities."
The source: ASX
