BOSTON - Friday, March 2nd 2012 [ME NewsWire]
(BUSINESS WIRE)-- Boston Biomedical, Inc. (BBI) announced today that it has entered into a definitive agreement under which Dainippon Sumitomo Pharma Co., Ltd. (DSP) will acquire BBI. Under the terms of the agreement, DSP will acquire BBI for up to $2.63 billion in total which includes $200 million upfront, up to $540 million in development milestone payments, and up to $1.89 billion in sales milestone payments.
BBI has developed a world-leading product pipeline targeting cancer stem cells that includes BBI608 and BBI503, as well as a highly productive drug discovery platform, and development capability. BBI608 is a first-in-class cancer stemness inhibitor currently in the preparatory stage for Phase III trials for colorectal cancer in North America, as well as Phase 1b trials and Phase II trials for multiple solid tumors. BBI503 is a first-in-class cancer stemness kinase inhibitor which is currently in multi-center Phase I clinical trials in North America for advanced solid tumors. Both BBI608 and BBI503 were discovered by BBI’s proprietary drug discovery platform which is focused on cancer stemness and cancer stem cells.
“Cancer stemness represents an exciting new frontier for developing novel drugs against cancer with the potential to achieve differentiating clinical efficacy compared to conventional chemotherapy and current targeted agents,” said Chiang, J. Li, Founder, Chairman and Chief Executive Officer of BBI. “With DSP’s outstanding track record in bringing innovative medicine to patients, we believe this strategic transaction represents the best path toward bringing our first-in-class cancer stemness inhibitors to cancer patients.”
Masayo Tada, Representative Director, President and CEO of DSP stated: “Acquisition of BBI is not only an acquisition of an innovative pipeline in the cancer area, it also represents obtaining an excellent drug discovery/development platform with the capabilities of BBI, enabling us to continuously create candidate compounds likely to advance into later development stages. Subsequently we intend to establish our R&D base in the US to expand our presence in cancer treatment globally. We are aiming to make the cancer area one of our future focus therapeutic areas next to the CNS area.”
After the acquisition, BBI will become a 100%-owned subsidiary of DSP and continue its operations in the Boston area, Massachusetts. The boards of directors of both companies have unanimously approved the acquisition. The acquisition is scheduled to be concluded in April, 2012, after clearance under the Hart-Scott-Rodino (HSR) Antitrust Improvement Act and customary closing conditions. In this transaction, BBI was represented by Mintz Levin and Cooley LLP.
About Cancer Stem Cells (CSC), BBI608, and BBI503
CSCs, being refractory to current cancer therapies, represent an emerging approach for designing the next generation of oncology therapeutics. CSCs are considered to be fundamentally responsible for malignant growth, metastasis, and recurrence. These cells are a subpopulation of cancer cells that have self-renewal ability, as well as the capacity to differentiate into the heterogeneous cancer cells that comprise the bulk of the tumor mass. CSCs have been isolated from almost every major type of cancer, and have been found to be intrinsically resistant to current cancer therapies. Targeting CSCs, therefore, holds great promise for fundamentally advancing cancer treatment.
BBI608is a first-in-class, orally-administered, cancer stem cell inhibitor currently in preparation for Phase III trials in patients with colorectal cancer in North America, and various Phase Ib trials and Phase II trials for multiple solid tumors. BBI608, through its undisclosed molecular target, simultaneously inhibits multiple key cancer stemness pathways. BBI608 targets highly malignant CSCs as well as heterogeneous cancer cells. In clinical trials to date, BBI608 has shown excellent safety, favorable pharmacokinetics, and encouraging signs of anti-cancer activity against a broad range of tumor types.
BBI503is a first-in-class, orally-administered, cancer stemness kinase inhibitor currently in Phase I trials in patients with various solid tumors in North America. BBI503, through its undisclosed molecular target, kills highly malignant CSCs, as well as heterogeneous cancer cells. BBI503 was selected as the recipient of a US National Cancer Institute (NCI) cancer stem cell initiative grant award in 2010.
About Boston Biomedical, Inc.
Boston Biomedical, Inc. (Founder, Chairman, CEO and CMO: Chiang J. Li, M.D. FACP) was founded in November, 2006 and is a privately-held biotechnology company focused on the research and development of novel cancer therapeutics. Boston Biomedical has developed a world-leading product pipeline targeting cancer stem cells. Boston Biomedical’s innovation in drug discovery has received a number of recognitions and awards in the United States, including sole recipient of the Frost & Sullivan 2010 North American Drug Discovery Technology Innovation of the Year Award, and a 2011 Biotech Pioneer Award (Alexandria Oncology Summit). Boston Biomedical is headquartered in Norwood, Massachusetts, USA. Boston Biomedical is financially supported by Mitsui & Co. Global Investment, Alexandria Real Estate Equities, Inc. Contact: Wei Li, Ph.D. wli@bostonbiomedical.com, 781-769-0984; Eric Goldman(917-322-2563) egoldman@rxir.com
About Dainippon Sumitomo Pharma Co., Ltd.
Dainippon Sumitomo Pharma Co., Ltd. (DSP) is a multi-billion dollar, top-ten listed, pharmaceutical company in Japan with a diverse portfolio of pharmaceutical products. DSP aims to produce innovative pharmaceutical products in the central nervous system (CNS) field, which is designated as a key therapeutic area, as well as other specialty areas such as oncology. DSP has more than 7,000 employees worldwide. Additional information about DSP is available through its corporate website at http://www.ds-pharma.com/.
Contacts
Boston Biomedical, Inc.
Wei Li, Ph.D., 781-769-0984
wli@bostonbiomedical.com
Eric Goldman, 917-322-2563
egoldman@rxir.com
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