Biogen
Idec (NASDAQ: BIIB) announced today that it has agreed to acquire
U.K.-based Convergence Pharmaceuticals, a clinical-stage
biopharmaceutical company with an innovative portfolio of ion
channel-modulating product candidates for neuropathic pain. Biogen Idec
plans to leverage Convergence’s expertise in chronic pain research and
clinical development to accelerate the growth of its pain portfolio.
The acquisition is centered on the development of Convergence’s Phase 2
clinical candidate (CNV1014802), which has demonstrated clinical
activity in proof of concept studies for trigeminal neuralgia (TGN), a
chronic orphan disease consisting of debilitating, episodic facial pain.
CNV1014802 is a novel small molecule state-dependent sodium channel
blocker that preferentially inhibits Nav 1.7 ion channels. The Nav 1.7
ion channel is a genetically validated target for pain in humans.
Additionally, CNV1014802 has demonstrated proof of concept for treating
pain associated with lumbosacral radiculopathy, more commonly known as
sciatica, and has potential applicability in several other neuropathic
pain states.
“Neuropathic pain is an area of significant unmet need and represents a
natural complement to our current neurology portfolio,” said Douglas
Williams, Ph.D., executive vice president of research and development at
Biogen Idec. “The team at Convergence has pioneered some of the most
innovative science in pain management. We believe their industry-leading
talent, capabilities and pipeline of candidates, starting with
CNV1014802, will provide a strong foundation upon which to expand our
neuropathic pain portfolio.”
Under the terms of the deal, Biogen Idec will pay Convergence
shareholders an upfront payment of $200 million. Convergence
shareholders are eligible to receive additional payments up to $475
million contingent on future milestones. Convergence will continue to
operate out of Cambridge, U.K., under the leadership of its Chief
Scientific Officer, Simon Tate, Ph.D.
“The success of Convergence Pharmaceuticals is due to a combination of
world-class science and a dedicated management and scientific team in
the U.K.,” said Clive Dix, Ph.D., outgoing chief executive officer of
Convergence Pharmaceuticals. “We are delighted to have progressed our
pipeline to this exciting stage and are extremely pleased that Biogen
Idec will now continue the development plan focused on helping patients
who are in desperate need of safe and effective chronic pain treatments.”
The acquisition is subject to customary closing conditions, including
the expiration of the applicable waiting period under the
Hart-Scott-Rodino Antitrust Improvements Act of 1976 in the United
States, and is expected to close in the first quarter of 2015.
About CNV1014802
CNV1014802 is a novel state-dependent small molecule sodium channel
blocker that preferentially inhibits the Nav 1.7 ion channel, a
therapeutic target implicated by genetics in human pain conditions.
CNV1014802 is thought to penetrate the central nervous system (CNS) and
block Nav channels in a novel manner, resulting in an improved
therapeutic profile over currently available agents. CNV1014802 is
currently in development as a treatment for patients with trigeminal
neuralgia (TGN), a chronic and debilitating form of excruciating
episodic facial pain.
Positive data from a recent Phase 2 clinical trial showed that
CNV1014802 was associated with a consistent reduction of pain severity
and a reduction in the number of paroxysms compared to placebo. In
addition, CNV1014802 was generally well tolerated. There were no serious
adverse events related to the candidate, and the adverse event profile
was similar to placebo.
About Convergence Pharmaceuticals
Convergence Pharmaceuticals is an independent biotechnology company
focused on the development of novel analgesics. The Company was formed
in October 2010 following the acquisition of certain neuroscience
clinical assets from GlaxoSmithKline, with funding from Apposite Capital
LLP, New Leaf Venture Partners and SV Life Sciences. The Company has a
pipeline of differentiated clinical-stage compounds targeting the points
of convergence in chronic pain signaling through modulation of specific
ion channels.
About Biogen Idec
Through cutting-edge science and medicine, Biogen Idec discovers,
develops and delivers to patients worldwide innovative therapies for the
treatment of neurodegenerative diseases, hematologic conditions and
autoimmune disorders. Founded in 1978, Biogen Idec is the world’s oldest
independent biotechnology company and patients worldwide benefit from
its leading multiple sclerosis and innovative hemophilia therapies. For
product labeling, press releases and additional information about the
Company, please visit www.biogenidec.com.
Biogen Idec Safe Harbor Statement
This press release contains forward-looking statements, including
statements regarding the timing of completion of the acquisition of
Convergence Pharmaceuticals, and Biogen Idec’s expectations to develop
and expand its pain portfolio through the acquisition of Convergence.
These forward-looking statements may be accompanied by such words as
"anticipate," "believe," "estimate," "expect," "forecast," "intend,"
"may," "plan," "will" and other words and terms of similar meaning. You
should not place undue reliance on these statements. These statements
involve risks and uncertainties that could cause actual results to
differ materially from those reflected in such statements. Risks and
uncertainties that may affect Biogen Idec’s ability to complete the
transaction or that may cause actual results to differ materially
include, among others: uncertainty inherent in the regulatory review
process and satisfaction of the other closing conditions of the
transaction; uncertainty regarding the ability to achieve the expected
benefits from the proposed acquisition, including as a result of risks
and uncertainties associated with drug development and commercialization
or unexpected difficulties in integrating the operations of Convergence
Pharmaceuticals; and the other risks and uncertainties that are
described in the Risk Factors section of Biogen Idec’s most recent
annual or quarterly report filed with the Securities and Exchange
Commission. These statements are based on current beliefs and
expectations and speak only as of the date of this press release. Biogen
Idec does not undertake any obligation to publicly update any
forward-looking statements.
Copyright Business Wire 2015