Includes All Human Indications Excluding Prevention and Treatment of Smallpox
Chimerix to Receive up to $180 Million in Potential Clinical, Regulatory, and Commercial Milestones and is Eligible for Double Digit Royalties
DURHAM, N.C., Sept. 30, 2019 (GLOBE NEWSWIRE) -- Chimerix (CMRX), a development-stage biopharmaceutical company dedicated to accelerating the advancement of innovative medicines that make a meaningful impact in the lives of patients living with cancer and other serious diseases, today announces an exclusive global license agreement with SymBio Pharmaceuticals, Ltd (SymBio), under which SymBio has exclusively licensed the worldwide rights to develop, manufacture and commercialize brincidofovir in all human indications, excluding the prevention and treatment of smallpox. Moving forward, SymBio will be responsible for all future development and commercialization as well as manufacturing costs associated with brincidofovir in the licensed indications.
Under the terms of the agreement, Chimerix will receive an upfront payment of $5 million plus potential clinical, regulatory and commercial milestones of up to $180 million. In addition, Chimerix is eligible to receive double digit royalties on net sales of brincidofovir worldwide.
“This transaction marks an important corporate milestone for Chimerix, as we have transitioned our focus to the final stage of development of brincidofovir as a medical countermeasure for smallpox and to the Phase 3 development of dociparstat sodium (CX-01) in front-line therapy for acute myeloid leukemia (AML). AML remains an area of significant unmet need in which five-year survival rates are less than 30%,” said Mike Sherman, President and Chief Executive Officer of Chimerix. “The structure of this agreement with SymBio allows Chimerix shareholders to participate in the value of ongoing development of brincidofovir through potential future milestone payments and royalties.”
“Furthermore, SymBio’s success in transitioning to a commercial-stage biotechnology company, while simultaneously developing a pipeline of novel molecules in oncology and virology, illustrates the strength of their capability and capacity. SymBio is well positioned to explore worldwide development of brincidofovir beyond smallpox and we are excited by the promise of this partnership,” continued Mr. Sherman.
Locust Walk acted as exclusive transaction advisor and Cooley LLP acted as legal counsel to Chimerix.
Chimerix is a development-stage biopharmaceutical company dedicated to accelerating the advancement of innovative medicines that make a meaningful impact in the lives of patients living with cancer and other serious diseases. Dociparstat sodium is an investigational product targeting multiple proteins involved in cancer cell resistance to chemotherapy under development for the treatment of acute myeloid leukemia and other hematologic malignancies. Brincidofovir (BCV, CMX001) is an anti-viral drug candidate in development as a medical countermeasure for smallpox. For further information, please visit the Chimerix website, www.chimerix.com.
About SymBio Pharmaceuticals Limited
SymBio Pharmaceuticals Limited was established in March, 2005 by Fuminori Yoshida who previously served concurrently as Corporate VP of Amgen Inc. and founding President of Amgen Japan. In May, 2016 SymBio incorporated its wholly-owned subsidiary in the U.S., SymBio Pharma USA, Inc. (Headquarters: Menlo Park, California, President: Mr. Fuminori Yoshida). SymBio’s underlying corporate mission is to “deliver hope to patients in need” as it aspires to be a leading global specialty biopharmaceutical company dedicated to addressing underserved medical needs.
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Forward-looking statements include those relating to, among other things, the potential benefits to be derived from the license agreement with SymBio Pharmaceuticals, Ltd., including statements related to the activity profile and opportunities for potential development of brincidofovir (BCV); Chimerix’s ability to develop disease modifying and potentially curative treatments for diseases, including smallpox and AML. Among the factors and risks that could cause actual results to differ materially from those indicated in the forward-looking statements are risks that the benefits of the agreement with SymBio may never be realized; risks that BCV or dociparstat sodium may not obtain regulatory approval from the FDA or foreign regulatory authorities or such approval may be delayed or conditioned; risks that development activities related to BCV or dociparstat sodium may not be completed on time or at all; risks that ongoing or future clinical trials may not be successful or replicate previous clinical trial results, or may not be predictive of real-world results or of results in subsequent clinical trials; risks and uncertainties relating to competitive products and technological changes that may limit demand for dociparstat sodium or BCV; risks that dociparstat sodium or BCV may be precluded from commercialization by the proprietary rights of third parties; and additional risks set forth in the Company's filings with the Securities and Exchange Commission. These forward-looking statements represent the Company's judgment as of the date of this release. The Company disclaims, however, any intent or obligation to update these forward-looking statements.