Vitae receives 11Beta-HSD-1 program milestone payment from Boehringer Ingelheim

Vitae Pharmaceuticals, Inc., an integrated discovery and development company, today announced that it has earned an $8 million milestone payment from Boehringer Ingelheim for achievement of a performance milestone in their 11beta-hydroxysteroid dehydrogenase (HSD)-1 diabetes and metabolic disease strategic alliance.

“The quality of the lead candidate and the speed at which the program progresses is a testament to the efficiency of our work together with Boehringer Ingelheim,” said Richard Gregg, MD, Vitae’s chief scientific officer. “Our lead may have potential as a once-a-day drug for treating diabetes and other metabolic syndrome related indications, and we look forward to demonstrating that potential as the program continues to advance.”

Vitae and Boehringer Ingelheim initiated their strategic alliance in October of 2007. Under the terms of that agreement, the companies combined their respective research programs, working together to identify and advance novel 11beta-HSD-1 inhibitors for clinical development. Vitae received $36.5 million in upfront and committed payments from Boehringer Ingelheim and is eligible to receive up to $300 million in milestone payments based on the achievement of development, regulatory and commercial program goals. Further milestone payments may be achieved with additional compounds and/or additional approved indications. Vitae will receive royalty payments from Boehringer Ingelheim on sales of products commercialized under the collaboration. The initial research term was for two years, however the companies have recently agreed to extend the term into 2010.