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Probiodrug AG Divests Its CDK9 Inhibitor Program To AstraZeneca PLC (AZN) For Undisclosed Price
1/3/2014 7:01:22 AM
HALLE/SAALE, Germany--(BUSINESS WIRE)-- Probiodrug AG (Probiodrug) announced today the transfer of its experimental cyclin-dependent kinase 9 (CDK9) inhibitor program to AstraZeneca (LSE: AZN, NYSE: AZN). The transaction includes the sale to AstraZeneca of a lead molecule and back-up compounds with the associated intellectual property. CDK9, which has been implicated in the transcriptional regulation of genes involved in proliferation and inflammation, is a promising target for the treatment of both cancer and inflammatory diseases.
“AstraZeneca is an excellent party to take over our promising CDK9 inhibitor program,” commented Hendrik Liebers, CFO of Probiodrug. “This transaction is consistent with our strategy to focus our resources exclusively on Alzheimer’s disease.”
Cyclin-dependent kinases (CDKs) are critical regulators of cell cycle progression and RNA transcription. A variety of genetic events cause overactivity of the cell cycle CDKs in cancer and their inhibition can lead to both cell cycle arrest and apoptosis.
Susan Galbraith, vice president and head of the Oncology iMed unit at AstraZeneca, added, “We are particularly interested in the development of targeted therapies for oncology, such as CDK9. We believe that Probiodrug’s CDK9 inhibitor program, while early stage, shows potential and we look forward to continuing its development.”
Financial terms of the asset purchase were not disclosed. Probiodrug was advised by UP Biotech Management AG in this transaction.
About Probiodrug AG
Probiodrug is a biopharmaceutical company dedicated to the discovery and development of novel therapeutic solutions to treat people with Alzheimer’s disease. The Company has medical use and composition of matter patents related to the inhibition of glutaminyl cyclase, providing the Company with a dominant position in this field of research. Probiodrug is backed by institutions such as BB Biotech, Edmond de Rothschild Investment Partners, Goodvent/IBG, HBM, TVM Capital, Life Sciences Partners, Biogen Idec New Ventures, CFH Group, funds managed by Wellington Management and private investors.
Probiodrug's core capabilities are based on its long-standing expertise in the elucidation of the structure and function of enzymes which play a central role in the maturation of hormones. Probiodrug was founded in 1997 by Prof. Dr. Hans-Ulrich Demuth and Dr. Konrad Glund. For more information, please visit www.probiodrug.de.
AstraZeneca is a global, innovation-driven biopharmaceutical business that focuses on the discovery, development and commercialisation of prescription medicines, primarily for the treatment of cardiovascular, metabolic, respiratory, inflammation, autoimmune, oncology, infection and neuroscience diseases. AstraZeneca operates in over 100 countries and its innovative medicines are used by millions of patients worldwide. For more information please visit: www.astrazeneca.com
Dr. Konrad Glund, CEO +49 (345) 555-9900
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