Ipsen, Syntaxin collaborate to develop new botulinum toxins

Ipsen (Euronext: IPN, ADR: IPSEY) and Syntaxin, a biotechnology company specialising in innovative biopharmaceutical therapies targeting cell secretion pathways, announced today a global strategic collaboration to explore the discovery and development of new compounds in the field of botulinum toxins.

Syntaxin and Ipsen will leverage their respective expertise in the field of botulinum toxin. Syntaxin will be responsible for the discovery of new therapeutic candidates and Ipsen will apply its skills to pharmacological, preclinical and clinical assessments of the newly discovered compounds.

Under the terms of the agreement, Syntaxin is eligible to receive technology access fee, full time employee support, and research milestones amounting up to US$9 million in the first three years of the collaboration. Syntaxin is also eligible to receive additional license fees, development and regulatory milestones and potentially over US$90 million of commercial milestones together with royalties on net sales. In exchange, Ipsen will have exclusive worldwide development and commercialisation rights to the programmes discovered within the scope of the collaboration.

This development collaboration follows Ipsen's strategic investment in Syntaxin during the Company's Series C financing round completed in November 2010 and is the second collaboration between the two companies. Ipsen owns 0.8% ordinary shares of Syntaxin and 8.9% preferred share on a fully-diluted basis.

Commenting on today's announcement, Dr Melanie Lee, Chief Executive Officer of Syntaxin, said: "We have worked closely with Ipsen over the last 12 months and we are delighted to sign a second strategic agreement with Ipsen whereby both companies will combine their knowledge and skill in botulinum toxin biology to explore the development of compounds in areas of shared therapeutic interest. This collaboration is validation of Syntaxin's dual-approach strategy to maximise the potential of its expertise and experience in botulinum toxins in addition to its Targeted Secretion Inhibitors platform technology."

Claude Bertrand, Ipsen's Executive Vice President, R&D and Chief Scientific Officer, said: "We are delighted to reinforce our collaboration with Syntaxin, an expert company in the field of botulinum toxins. In line with the strategy announced in June, Ipsen is investing to remain on the cutting edge of innovation in the botulinum toxin space. Syntaxin and Ipsen, through their synergistic expertise, are well positioned to become pioneers in the development and commercialization of new botulinum toxins."

Source: Syntaxin