Biogen Idec & Portola Pharmaceuticals Strike $553-Million Deal

Biogen Idec and Portola Pharmaceuticals, Inc. recently announced they have entered into an exclusive, worldwide collaboration and license agreement under which both companies will develop and commercialize highly selective, novel oral Syk inhibitors for the treatment of various autoimmune and inflammatory diseases, including rheumatoid arthritis (RA) and systemic lupus erythematosus (SLE).

The collaboration’s lead molecule, PRT062607, has been shown to be a highly potent and specific oral inhibitor of Syk in a broad panel of in vitro kinase and cellular assays and is currently in Phase I studies. Results of the studies to date suggest the compound is well tolerated and has a profile suitable for once-daily dosing.

Under the terms of the agreement, Biogen Idec will provide Portola with an up-front payment of $36 million in cash and purchase $9 million in Portola equity, with additional payments of up to $508.5 million based on the achievement of certain development and regulatory milestones. Biogen Idec will lead the global development and commercialization efforts for the Syk inhibitor program in major indications, such as RA and lupus, while Portola will lead US development and commercialization efforts for select smaller indications as well as discovery efforts for follow-on Syk inhibitors. Portola retains an option to co-promote alongside Biogen Idec in the US in major indications. Worldwide costs and profits will be split by Biogen and Portola 75% and 25%, respectively.

“We are enthusiastic to be working with Portola to advance its Syk inhibitor as a potential treatment for autoimmune diseases,” said George A. Scangos, PhD, CEO of Biogen Idec. “This program is an excellent strategic fit with our focus on immunology. Portola is a high-quality company with a great track-record in small molecules, and we have crafted a collaboration that truly is a win for both companies. We will now focus on a thoughtful and aggressive program to fully explore the potential of Portola’s compounds against this very interesting target, with the goal of creating an effective, safe, and convenient oral treatment for patients with debilitating autoimmune and inflammatory diseases.”

“A significant portion of people with RA do not respond to currently approved treatments or have only modest responses, and treatment options for lupus are limited,” added Doug Williams, PhD, Executive Vice President, Research and Development of Biogen Idec. “Inhibition of Syk has the potential to provide effective, well-tolerated therapies for patients with these and other autoimmune diseases. We are encouraged by the preclinical and clinical data to date and see an opportunity to develop a best-in-class, highly selective oral treatment for these devastating diseases. This program plays to our strengths and experience in immunology, particularly B-cell biology, reflects our focus on cutting-edge science, and strengthens our early-stage pipeline.”

Biogen Idec uses cutting-edge science to discover, develop, manufacture, and market therapies for serious diseases with a focus on neurology, immunology, and hemophilia. Founded in 1978, Biogen Idec is the world’s oldest independent biotechnology company. Patients worldwide benefit from its leading multiple sclerosis therapies, and the company generates more than $4 billion in annual revenues.

Portola Pharmaceuticals discovers and develops innovative therapeutics based on targets with established proof-of-concept that are designed to provide significant advances over current treatments for cardiovascular and autoimmune/inflammatory diseases. Portola scientists have successfully collaborated for over 15 years on the discovery and development of novel small molecule agents targeting platelets, coagulation pathways, and protein kinases. In thrombosis, Portola is independently developing betrixaban, a Phase III-ready, long-acting, oral direct Factor Xa inhibitor, and its companion product, PRT064445, a recombinant Factor Xa inhibitor antidote.