Jan. 8, 2014
Eddingpharm announced on Jan. 8, 2014 that an asset purchase agreement (APA) has been signed with ACT Biotech, a biopharmaceutical company based in the United States. Eddingpharm acquired global rights to three small molecule drug assets (Telatinib, ACTB1003, and ACTB1010) and other molecules from ACT Biotech. ACT Biotech is also eligible to receive upfront, clinical, regulatory, and commercial milestone payments. The total consideration may reach up to U.S. $95 million.
The lead asset, Telatinib, is a VEGFR inhibitor for gastric cancer ready for Phase III development. Eddingpharm plans to initiate trials for Telatinib in China and continue the development that ACT Biotech started in the U.S. Eddingpharm also intends to take the other two assets into clinical development in either the U.S. or China.