BUSINESS CORNER Fulcrum Regulatory Services opens office in Vancouver Biovail Corporation subsidiary, Biovail Laboratories International SRL (BLS), has acquired certain AMPAKINE® compounds, including associated intellectual property, from Cortex Pharmaceuticals, Inc. for use in the field of respiratory depression, a brain-mediated breathing disorder. The acquired compounds include the Phase 2 compound CX717, the preclinical compounds CX1763 and CX1942, and the injectable dosage form of CX1739. As part of the acquisition transaction, BLS has also entered into a field limited license agreement with The Regents of the University of California.
Under the terms of the asset purchase agreement, BLS has paid an upfront fee of $9 million, expects to pay an additional $1 million upon the completion of a transition period, and could pay up to $15 million in potential milestones contingent on the successful demonstration of the utility of an intravenous formulation of CX717 in treating respiratory depression, the successful completion of a Phase 3 clinical program using an AMPAKINE® compound and approval from the U.S. Food and Drug Administration (FDA). BLS may also owe certain development milestones and/or low single-digit royalties on net sales to third parties.
Paladin enters into South African market Paladin Labs Inc. has completed an investment in South Africa’s Pharmaplan Ltd. The deal marks Paladin’s most significant corporate development initiative to date. Pharmaplan is an independent South African specialty pharmaceutical company dedicated to the execution of a searchacquire-commercialize business model in
the sub-Saharan African region. Under the terms of the agreement, Paladin acquires an initial 34.99 per cent ownership interest and has committed to increase its ownership position over time. Dr. Gert Hoogland, founder and CEO of Pharmaplan, has committed to continue to lead, control and manage the Pharma-
plan business as CEO without any foreseen changes in his experienced management team. According to IMS Health, the value of the South African pharmaceutical market is estimated to be $3 billion which represents a 13.6 per cent increase over the prior year as measured in local currency.
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MAY 2010 BIOTECHNOLOGY FOCUS 9
