Prexton Therapeutics acquired by Lundbeck
H. Lundbeck A/S (Lundbeck) and Prexton Therapeutics BV (Prexton) announced March 16th the signing of a definitive agreement in which Lundbeck will acquire Prexton. By acquiring Prexton, Lundbeck will obtain global rights of an attractive compound (foliglurax) which currently is in clinical phase II testing for symptomatic treatment of OFF-time reduction in Parkinson's disease and dyskinesia including Levodopa Induced Dyskinesia (LID). Prexton recently opened a branch office at Pivot Park.
Under the terms of the agreement, Lundbeck will pay EUR 100 million upfront to the current investors in Prexton and up to a further EUR 805 million in development, regulatory and sales milestones, depending on the successful outcome of certain undisclosed milestones.
By acquiring Prexton, Lundbeck will obtain the global rights to foliglurax, which is currently in Phase II clinical development for the symptomatic treatment of OFF-time reduction in Parkinson’s disease and dyskinesia, including Levodopa Induced Dyskinesia (LID). The first data from the ongoing Phase II clinical program is expected to become available in mid-2019.
Prexton is one of the portfolio companies of Forbion, one of the leading European life science venture capital firms. “Forbion co-led Prexton’s Series B financing in February 2017 which raised EUR 29 million (USD 31 million) to advance the development of foliglurax. This rapid exit underscores Forbion’s ability to identify the most promising European biotech companies, including those focusing on drug development in challenging indications such as Parkinson’s disease”, commented Marco Boorsma, General Partner at Forbion. “The Prexton team has successfully and efficiently advanced foliglurax into mid-stage clinical development. Lundbeck now has the opportunity to apply its specialist knowledge and expertise in the CNS space.”