SAN FRANCISCO, Jan. 9 /PRNewswire/ -- Burrill Merchant Banking acted as exclusive financial advisor to NPS Pharmaceuticals on its recently-completed partnering of Gattex(TM) (teduglutide) with Nycomed. Under the terms of the agreement, NPS has licensed rights to Gattex outside North America to Nycomed for the treatment of gastrointestinal disorders.
Gattex is a GLP-2 analog in development for the treatment of short-bowel syndrome (SBS). SBS can result from one or more bowel surgeries related to inflammatory bowel disease or injury. In a recent Phase III trial, patients in the low dose Gattex group showed a statistically significant reduction in parenteral nutrition vs. placebo, while the high dose group showed a trend in the difference between the treatment group and placebo, but this did not reach statistical significance. NPS is also pursuing development of Gattex as a possible treatment for chemotherapy-induced gastrointestinal mucositis in cancer patients and necrotizing enterocolitis in preterm infants.
Under the terms of the agreement, NPS and Nycomed will share future development costs 50:50. NPS maintains commercialization rights for the product in the US, Canada, and Mexico.
The agreement includes an upfront payment to NPS of $35 million, and combined development and sales milestones that could potentially total more than $150 million in additional payments from Nycomed. Royalties to NPS for sales in Nycomed's territories, although not publicly disclosed, are in the double-digit range.
About Burrill Merchant Banking
Burrill Merchant Banking assists life science companies to identify,
negotiate and close strategic transactions. Service lines include:
-- Mergers & Acquisitions
-- Strategic Partnering from preclinical research to product development
-- Spin-Outs and Divestitures
-- Financing (Private Placements)
-- Advisory Services to define the role of transactions in achieving
About Burrill & Company
Founded in 1994, Burrill & Company is a San Francisco-based global leader in life sciences with activities in Private Equity, Venture Capital, Merchant Banking and Media. The Burrill family of venture capital funds has over $950 million under management and its merchant banking business is one of the industry leaders in life sciences transactions. The company's 60 person scientific and business team, supported by its 40-person Advisory Boards, the strategic and financial network of its limited partners, and the close relationships developed with numerous life sciences companies and management, provide Burrill with unparalleled access and insight.
Burrill is the creator, sponsor and facilitator of over a dozen leading industry conferences worldwide and publishes a wide range of bio-intelligence reports including: The Personalized Medicine Report, The Stem Cell Report, and periodic newsletters covering Canada, China, Europe, India, Japan and Partnering/M&A. In association with the California Healthcare Institute, Burrill publishes The Journal of Life Sciences -- a bimonthly magazine. Burrill's flagship publication is its annual "State of the Industry" report, the most recent 21st Edition being Biotech 2007: Life Sciences -- A Global Transformation. The 22nd Edition is entitled Biotech 2008: Life Sciences -- A 20/20 Vision to 2020, available 1Q '08. These publications provide the latest insight, intelligence and information on the life sciences industry.
|SOURCE Burrill Merchant Banking|
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