The two companies have signed a definitive agreement in which Lundbeck will acquire Prexton and pay €100 million upfront plus €805 million in development and sales milestones.
By acquiring Prexton, Lundbeck will obtain global rights for foliglurax, which is currently in clinical phase II testing for the symptomatic treatment of OFF-time reduction in Parkinson’s disease and dyskinesia including Levodopa Induced Dyskinesia (LID). First data from the ongoing clinical phase II program is expected to be available in mid-2019.
“By acquiring Prexton, Lundbeck will obtain global rights to foliglurax, an exciting first-in-class compound, and gain full control of the asset,” said Anders Götzsche, interim CEO and CFO at Lundbeck. “Foliglurax addresses high unmet needs with its potential indication in Parkinson’s fitting perfectly within Lundbeck’s core areas and this treatment option also appears to be highly interesting for patients, physicians and payors.”
“We are very excited to be working with Lundbeck, a company with a strong history and focus on diseases of the central nervous system,” said François Conquet, Ph.D., founder and chief executive Officer, Prexton. “Lundbeck shares our vision for the development of foliglurax to help patients living with Parkinson’s disease.”
Lundbeck will pay €100 million upfront to the current investors in Prexton Therapeutics BV. Furthermore, Lundbeck is required to pay up to €805 million in development, regulatory and sales milestones depending on the successful outcome of certain undisclosed milestones.
Prexton is a biopharmaceutical company founded in 2012 by Francois Conquet and M-Ventures, the corporate venture arm of Merck. Prexton applies a new scientific approach that fully integrates molecular, behavioral and chemistry technologies to address Parkinson’s disease and other brain disorders. Prexton is based in Oss (the Netherlands) and in Geneva (Switzerland). Other major investors include Forbion, Seroba Life Sciences, Sunstone Capital and Ysios Capital.
Photo of Anders Götzsche. Interim CEO and Executive Vice President, CFO: Lundbeck