OSAKA, Japan & LA JOLLA, Calif., Dec 20, 2011 (BUSINESS WIRE) -- Takeda Pharmaceutical Company Limited and Intellikine, Inc. ("Intellikine") today announced that Takeda America Holdings, Inc., a wholly-owned subsidiary of Takeda, and Intellikine, a privately-held company focused on the discovery and development of innovative, small molecule drugs, have entered into an agreement for Takeda America Holdings to acquire Intellikine by cash. Takeda expects that the transaction will be finalized in January 2012. Under the agreement, Takeda America Holdings will acquire Intellikine for $190 million upfront and up to $120 million in additional potential clinical development milestone payments.
Intellikine has assembled a portfolio of proprietary small molecule kinase inhibitors that selectively target isoforms of the phosphoinositide-3 kinase / mammalian target of rapamycin (PI3K(1)/mTOR(2)) pathway. The assets of the company include ongoing Phase 1 clinical programs involving selective inhibition of mTOR kinase and isoform-specific inhibition of PI3Ka, as well as a partnered program involving research and development of isoform-specific inhibitors of PI3K/, and a robust discovery research platform in small molecule kinase inhibitors. Intellikine's most advanced drug candidate, INK128, a novel mTORC1/2 inhibitor, has generated encouraging data in multiple Phase 1 studies and is expected to enter Phase 2 studies in 2012. INK1117, a novel and selective inhibitor of the PI3Ka isoform, entered human clinical testing in September 2011.
Millennium: The Takeda Oncology Company, Takeda's business unit responsible for global oncology strategy and development, will have global development responsibility for INK128 and INK1117.
"INK128 and INK1117 are potential best-in-class inhibitors of critical pathways driving cancer cell growth," said Deborah Dunsire, M.D., President and CEO, Millennium. "As single agents or in different combinations with novel molecules within our robust pipeline, we anticipate that these assets will be able to deliver transforming therapies to cancer patients."
"Intellikine has advanced three programs against the PI3K/mTOR pathway into human clinical testing in just four years," added Troy Wilson, Ph.D., J.D., President and CEO, Intellikine. "We are pleased that Takeda recognizes the potential of our clinical-stage programs as well as our strong pipeline and discovery engine. Together, with Millennium and Takeda, we can bring the resources and expertise necessary to enable our drug candidates to reach their full potential in the treatment of patients with cancer."
Intellikine's exclusive financial advisor for the transaction was Lazard while Cooley LLP was its legal advisor. Takeda was represented by Covington & Burling LLP.
Takeda does not expect to revise earnings guidance for its 2011 fiscal year in connection with this acquisition.
Intellikine is a leading private company focused on the development of innovative, small molecule drugs targeting the PI3K/mTOR pathway for the treatment of cancer and other serious diseases. Founded in September 2007, Intellikine has raised $41 million from a group of leading investors, including Sofinnova Ventures, CMEA Capital, Novartis Venture Funds, Abingworth, U.S. Venture Partners, Fintech Global Capital and Biogen Idec.
(1) Corporate Name: Intellikine, Inc.
(2) Location: La Jolla CA
(3) Representative: Troy Wilson, Ph.D., J.D., President and Chief Executive Officer
(4) Year of establishment: 2007
(5) Capital stock: Raised $41M from a group of leading investors, including Sofinnova Ventures, CMEA Capital, Novartis Venture Funds, Abingworth, U.S. Venture Partners, Fintech Global Capital and Biogen Idec.
(6) Shares: Non-listed
(7) Number of employees: 36 total
(8) Relationship with Takeda: no matters to report regarding capital, personal and transactional relationship with Takeda
About Takeda Pharmaceutical Company Limited
Located in Osaka, Japan, Takeda is a research-based global company with its main focus on pharmaceuticals. As the largest pharmaceutical company in Japan and one of the global leaders of the industry, Takeda is committed to striving toward better health for individuals and progress in medicine by developing superior pharmaceutical products. Additional information about Takeda is available through its corporate website, www.takeda.com .
(1) The mammalian target of rapamycin (mTOR) is a key kinase that regulates many cellular processes including proliferation, protein synthesis, cellular metabolism.
(2) Phosphatidylinositol 3-kinases (PI 3-kinases or PI3Ks) are a family of enzymes involved in cellular functions such as cell growth, proliferation, differentiation, motility, survival and intracellular trafficking, which in turn are involved in cancer.
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SOURCE: Millennium: The Takeda Oncology Company
Takeda Pharmaceutical Company Limited
Seizo Masuda, +81 3 3278 2037
Public and Investor Relations
Millennium: The Takeda Oncology Company
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Felicia Vonella, +1 917 826-3427