Biovitrum and Amgen Announce Close of Product Acquisition Deal
Biovitrum to be Global Marketer for Kineret®, Kepivance® and Stemgen®
STOCKHOLM, Sweden- December 16, 2008. Biovitrum AB (publ) (STO:BVT)
today announced the closing of an agreement, signed with Amgen on
September 12, 2008, under which Biovitrum has obtained a worldwide
exclusive license to Kineret® (anakinra) for its current approved
indication, and has acquired from Amgen global rights to the marketed
biologic therapeutic products Kepivance® (palifermin) and Stemgen®
(ancestim). In 2007, the three products generated combined sales of
nearly MUSD 70.
Biovitrum's payment to Amgen is MUSD 117 of which MUSD 13 was paid at
signing on September 12. The remaining MUSD 104 has been paid in cash
(MUSD 34 in cash, and MUSD 50 out of an external debt facility of in
total MSEK 600), and MUSD 20 in new equity issued to Amgen (3,768,515
ordinary Biovitrum shares). In addition, after Kineret® and
Kepivance® have reached certain cumulative net sales Biovitrum will
pay one-time milestones to Amgen.
The agreement includes Biovitrum's acquisition of an inventory of the
three products. Biovitrum will also assume responsibility for several
ongoing Kepivance® clinical studies, the costs of which Biovitrum
will absorb within its current R&D budget.
Biovitrum also has the right to develop a modified anakinra product
for use in orphan indications as well as gout and pseudo gout. If
Biovitrum develops and commercializes a modified version of anakinra,
Amgen will receive single digit percentage royalties."By closing this exciting deal with Amgen, our long time partner, we
have made a transformative move for Biovitrum. Our new products will
add substantial value to our top line, and give rise to earnings
contribution, as well as lead to additional cash flow," said Martin
Nicklasson, CEO of Biovitrum. "In addition to three new products, we
now have the necessary infrastructure in place to fully leverage the
value of these biotechnology therapeutics. Beginning December 16th we
will offer these unique products to patients in North America,
Europe, Australia, and New Zealand." Nicklasson added.
About Kineret® (anakinra)
Information about Kineret® can be found at:
http://www.kineretrx.com/
Healthcare professionals should refer to and rely upon the PDR
(Physician's Desk Reference) or the corresponding national labeling
texts, and not the information above.
About Kepivance® (palifermin)
Information about Kepivance® can be found at :
http://www.kepivance.com/
Healthcare professionals should refer to and rely upon the PDR
(Physician's Desk Reference) or the corresponding national labeling
texts, and not the information above.
About Stemgen® (ancestim)
When treating patients for cancer with high doses of chemotherapy the
different blood cells may be injured . The cells must then be
effectively replaced inorder to rapidly restore the function of the
blood. Before starting chemotherapy treatment, Stemgen is given in
combination with an other pharmaceutical, Neupogen®, to the patient.
After several days of this treatment the patient's progenitor cells
from the blood are collected before the high doses of chemotherapy
and then given back afterwards. The combined treatment with Stemgen
and Neupogen, both blood cell growth factors, will stimmulate bone
marow to produce extra progenitor cells for collection.
Healthcare professionals should refer to national labeling texts, and
not the information above.
About Biovitrum
Biovitrum is a pharmaceutical company with operations in Sweden and
in the UK. The company markets a range of specialist pharmaceuticals
primarily in the Nordic countries. Using its expertise and experience
Biovitrum takes scientific innovation all the way to the market and
to specialist indication patients with significant medical need.
Research expertise and capabilities include development and
production of biotechnology therapeutics, as well as small molecule
discovery and development. With revenues of approximately SEK 1.3
billion and around 500 employees, Biovitrum is a significant European
specialty pharmaceutical player. It is listed on the OMX Nordic
Exchange in Stockholm. For more information go to www.biovitrum.com
Forward looking statement: Biovitrum
Statements included herein that are not historical facts are
forward-looking statements. Such forward-looking statements involve a
number of risks and uncertainties and are subject to change at any
time. In the event such risks or uncertainties materialize,
Biovitrum's results could be materially affected. The risks and
uncertainties include, but are not limited to, risks associated with
the inherent uncertainty of pharmaceutical research and product
development, manufacturing and commercialization, the impact of
competitive products, patents, legal challenges, government
regulation and approval, Biovitrum's ability to secure new products
for commercialization and/or development and other risks and
uncertainties detailed from time to time in Biovitrum AB's interim or
annual reports, prospectuses or press releases.
For more information please contact:
Biovitrum
Martin Nicklasson, CEO
Phone: +46 8 697 2545
Göran Arvidson, CFO
Cell phone: +46 70 633 30 42
Erik Kinnman, VP Investor Relations
Cell phone: +46 73 422 15 40
erik.kinnman@biovitrum.com
Biovitrum AB (publ) may be required to disclose the information
provided herein pursuant to the Swedish Securities Markets Act. The
information was provided for public release on December 16, 2008 at
08:30 a.m. CET.