Worldwide Rights for All Potential Uses, Excluding U.S. and Japan
No Other Existing Therapeutic Treatment for Celiac Disease
BASINGSTOKE, England and PHILADELPHIA, December 14 /PRNewswire-FirstCall/ -- Shire plc (LSE: SHP, NASDAQ: SHPGY, TSX: SHQ), the global specialty biopharmaceutical company, today announces that it has acquired the worldwide rights, excluding the U.S. and Japan, to AT-1001 from Alba Therapeutics Corporation (Alba). AT-1001 is Alba's lead inhibitor of barrier dysfunction in various gastrointestinal disorders that is currently in Phase 2 development for the treatment of Celiac disease. Shire has acquired rights to all uses for AT-1001, which may also be studied for the treatment of Crohn's disease and other indications.
Matthew Emmens, Chief Executive Officer, commented: "The licensing of AT-1001 from Alba is a natural fit to our growing portfolio of gastrointestinal products. This product will be marketed to specialist physicians and we would expect to use our existing European sales force that is currently establishing relationships and expertise in the GI area through the marketing of MEZAVANT XL."
Financial terms of the license are geared to the successful development and commercialization of the product. Shire will pay Alba an upfront license fee of $25 million and further development and sales-based milestones totalling to a maximum of $300.5M should the product reach blockbuster status. Shire will also pay royalties on net sales of the product, with tiered, single or double digit royalty rates.
Alba and Shire will form a joint development committee to monitor R&D activities of AT-1001. Alba will fund all development until AT-1001 has completed Proof of Concept, which is expected to be in the first half of 2009, after which Shire and Alba will share equally development costs under a joint development plan.
About Celiac disease:
Celiac disease is a T-cell mediated auto-immune dis
|SOURCE Shire plc|
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