On May 19, 2015 Ipsen reported the signature of an agreement to acquire OctreoPharm Sciences (referred to as OctreoPharm), a private German life sciences company focusing on the development of innovative radioactive labeled compounds for molecular imaging diagnostics and therapeutic applications (Press release, Ipsen, MAY 19, 2015, View Source [SID:1234504593]). Ipsen plans to maintain the company location and staff to ensure successful transition of know-how and expertise. Ipsen expects to complete its acquisition once closing conditions have been cleared. Schedule your 30 min Free 1stOncology Demo! Under the terms of the agreement, which is subject to closing conditions, OctreoPharm’s shareholders are eligible to receive up to a total of approximately €50 million for the purchase of 100% of the company’s shares in the form of an upfront payment and downstream payments contingent upon clinical and regulatory milestones.
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The transaction fits into Ipsen’s strategy to extend the scope of its portfolio and its leadership in neuroendocrine tumors (NET). OctreoPharm is developing an innovative theranostic approach for the management of NET based on a somatostatin receptor antagonist peptide. The therapeutic compound is a tumor cell-selective somatostatin antagonist peptide labeled with 177Lutetium ( 177Lu) for use as ‘peptide receptor radionuclide therapy’ (PRRT) for the treatment of neuroendocrine tumors, and is currently in preclinical development. The diagnostic compound is an NET imaging tool utilizing positron emission tomography (PET, PET/CT), and is currently in clinical development.
The acquisition includes an agreement with Eckert and Ziegler, one of OctreoPharm’s shareholders, to provide contract manufacturing services for the radio-labeling of the therapeutic compound.
Marc de Garidel, Chairman and CEO of Ipsen stated: "The acquisition of OctreoPharm will enlarge our footprint in the NET field, and gives Ipsen access to a new scientific field where OctreoPharm has a unique expertise in antagonist peptides for the diagnosis and treatment of neuroendocrine tumors. This is an important step in our ambition to become a global leader in the management of NET, and illustrates the pertinence of our business development strategy."