Tag: protein drug development
Company News: Nanohale AG acquires R&D and service units of Scil Technology GmbH
– Transaction creates new Nanohale subsidiary named Formycon GmbH –
Scil Technology GmbH and Nanohale AG today announced that Nanohale has acquired the entire R&D, contract development and manufacturing organization of Scil Technology GmbH in an asset deal, effective December 31, 2011. Employees and inventory of Scil Technology GmbH have become part of Formycon GmbH, a fully-owned subsidiary of Nanohale AG. The rights to the tissue regeneration projects, which were out-licensed by Scil Technology to Medtronic, Inc. and Sanofi, will remain with Scil Technology GmbH, which will be sustained as an independent company to manage its existing collaborations. Financial details have not been disclosed.
Scil Technology recently out-licensed its cartilage regeneration program for the treatment of osteoarthritis and osteochondral defects to Sanofi. The company has strong expertise in protein drug development, formulation and analytics, which is highly complementary to Nanohale´s existing protein formulation platform and will enable Nanohale to strengthen its biopharmaceutical development expertise.
Christian Nafe, CEO of Scil Technology, who was responsible for the transaction together with Klaus Binder (COO), said that the agreement creates an excellent exit opportunity for Scil Technology´s investors at BioNet Holding.
Company News: Sanofi Licenses Worldwide Rights on Regenerative Treatment for Osteoarthritis and Cartilage Disorders from Scil Technology
Scil Technology GmbH, a privately held biopharmaceutical company with core expertise in protein drug development, formulation and analytics, today announced that Sanofi (EURONEXT: SAN and NYSE: SNY) has exclusively licensed Scil Technology’s program for the regenerative treatment of osteoarthritis and cartilage disorders.
Under the agreement, SCIL Technology will receive an upfront payment and potential milestone payments totaling up to EUR 180 million. Moreover, the company is entitled to receive undisclosed royalties on worldwide product sales. Sanofi will assume responsibility for the progression of the development program with immediate effect, including the start of clinical trials.
The program is based on targets for the regeneration of cartilage tissue, which also stimulate chondrocyte differentiation and the synthesis of cartilage matrix. The leading compound is based on a proprietary formulation for direct delivery into the joint, making it an excellent treatment option for osteoarthritis. The program is currently in advanced preclinical development.
The cartilage regenerative program is Scil Technology’s second program which has been out-licensed successfully. The first (GDF-5) was taken over by Medtronic after completion of Phase II.