Chiesi/Cornerstone: Trading Ownership for Pipeline
The Italian pharma Chiesi Farmaceutici is buying a majority stake in respiratory specialist Cornerstone Therapeutics in a creative deal that echoes the strategic tie-up last year between Infinity Pharmaceuticals and the Purdue Pharma/Mundipharma family of companies. The deal is yet another twist on the kind of big brother-little brother relationship model first espoused by Roche and Genentech though it is the little brother who gains access to pipeline projects in this new scenario.
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uniQure Grants Chiesi Select Commercial Rights For The EU’s First Approved Gene Therapy Glybera And Hemo B Gene Therapy
uniQure has licensed commercial rights covering Europe and select emerging markets to Italy’s Chiesi for first-to-market gene therapy Glybera and a developmental hemophilia B product. The Dutch biopharma is writing the book on pricing and commercialization, regulatory approval, and market access strategy for gene therapy.
Start-Up Quarterly Statistics, Q2 2009
Highlights from the Q2 2009 review of start-up dealmaking: Fundraising in the biopharma, medical device, and in vitro diagnostics industries totaled $864 million--a 25% increase from Q1 2009--with most of the money, 54% or $465 million, coming out of the device industry, which saw only $127 million the previous quarter. There was one acquisition--PPD paid $14.5 million in cash for Magen BioSciences. In the most significant alliance, valued at up to $527 million, GSK got rights to three compounds from Concert Pharmaceuticals, including two in the preclinical stage, which was the most popular phase of development on Q2 alliances.
Infinity/Purdue: The Challenge of Reprising Roche/Genentech
Infinity's "Big Brother" deal with the privately held affiliates Purdue and Mundipharma comes closest of any recent deal to replicating the structure of the Genentech/Roche relationship -- swapping the majority of a biotech's pipeline to a well-heeled partner in return for independence from the capital markets and enough commercial upside to deliver a long-term return for investors. But the idiosyncrasies of the Purdue/Mundipharma ownership and structure, and the recent stormy history that opened minds to the possibility of such a deal, show why further iterations of the model will remain a rarity.