OSAKA, Japan—Takeda Pharmaceutical Co. Ltd. has announcedthe signing of a new acquisition agreement. Takeda America Holdings, Inc., thewholly owned subsidiary of Takeda, and Intellikine, a company that specializesin the discovery and development of innovative, small molecule drugs, haveentered into an agreement by which Takeda America Holdings will acquireIntellikine by cash. Under the terms of the agreement, Takeda America Holdingswill acquire the privately held company for $190 million upfront, with thepotential for up to $120 million in additional potential clinical developmentmilestone payments.
"Intellikine has advanced three programs against thePI3K/mTOR pathway into human clinical testing in just four years," TroyWilson, Ph.D., J.D., President and Chief Executive Officer of Intellikine, saidin a press release. "We are pleased that Takeda recognizes the potentialof our clinical-stage programs as well as our strong pipeline and discoveryengine. Together, with Millennium and Takeda, we can bring the resources andexpertise necessary to enable our drug candidates to reach their full potentialin the treatment of patients with cancer."
Intellikine focuses on developing small molecule drugs that targetsignal transduction networks for the treatment of cancer, and has a portfoliothat consists of proprietary small molecule kinase inhibitors that selectivelytarget isoforms of the phosphoinositide-3 kinase/mammailian target of rapamycinpathway. The company's pipeline currently includes four ongoing programs invarious stages of development.
The most advanced drug candidate, INK128, is anovel mTORC1/2 inhibitor being studied in solid tumors, multiplemyeloma/Waldenstrom's Macroglobulinemia and a Phase Ib combination study withpaclitaxel. INK128 is expected to enter Phase II studies next year. Intellikinealso has INK1117, a novel and selective inhibitor of the PI3Ka isoform,indicated for solid tumors; IPI-145, indicated for heme malignancies/inflammation,which is partnered with Infinity Pharmaceuticals; and an additional undisclosedcandidate indicated for solid tumors. INK1117 is in Phase I testing, as inIPI-145, and the undisclosed candidate is approaching preclinical development.Takeda's business unit responsible for global oncology strategy anddevelopment, Millennium: The Takeda Oncology Company, will have globaldevelopment responsibility for both INK128 and INK1117.
"INK128 and INK1117 are potential best-in-classinhibitors of critical pathways driving cancer cell growth," DeborahDunsire, M.D., President and Chief Executive Officer of Millennium, said in apress release. "As single agents or in different combinations with novelmolecules within our robust pipeline, we anticipate that these assets will beable to deliver transforming therapies to cancer patients."
Intellikine brought on Lazard as its exclusive financialadvisor for the transaction, and brought on Cooley LLP as its legal advisor.Takeda brought on Covington & Burling LLP as its legal advisor.
Takeda does not expect to revise its earnings guidance forthe fiscal year 2011 as a result of the acquisition. The transaction isexpected to be finalized in January 2012.
SOURCE: Intellikine press release
