05.03.16
Marina Biotech, a nucleic acid-based drug discovery and development company focused on rare diseases, and Turing Pharmaceuticals have executed a term sheet under which Marina intends to acquire Turing's intranasal ketamine program. Pending the negotiation of the definitive agreement, Marina is expected to acquire Turing's intranasal ketamine program for approximately 53 million Marina common shares.
The assets to be acquired will include all patents and intellectual property rights, clinical development plans, regulatory documents and existing product inventories. As per the term sheet, Marina will pay to Turing up to $95 million in success- and sales-based milestones plus a mid-single digit royalty on net sales.
"We are extremely pleased to have this opportunity to bring in a late-stage clinical program with the potential for approval in multiple indications including certain rare disorders," said J. Michael French, president and chief executive officer, Marina Biotech. "The program has been advanced worldwide with plans for U.S. and international clinical trial sites. The work thus far has predominately been directed at suicidality in post-traumatic stress disorder; a patient population with few, if any, therapeutic options. We believe the early clinical successes of this program combined with broadening acceptance of ketamine as a treatment for neurological and psychiatric diseases, presents a unique opportunity to rapidly move this compound into the U.S. market as early as 2019.”
"We too are pleased to enter into this relationship with Marina and to have found a company capable of giving this program the priority it deserves," said Eliseo Salinas, president of research and development, Turing Pharmaceuticals. "I have been impressed with the progress our research and development team has made over the past six months in advancing intranasal ketamine for the treatment of suicidality. I look forward to working with the Marina team to rapidly transition this program so that we can maintain our momentum and bring this compound to market as quickly as possible."
Marina's purchase of Turing's Phase 3 intranasal ketamine program is expected to close by July 1, 2016.
The assets to be acquired will include all patents and intellectual property rights, clinical development plans, regulatory documents and existing product inventories. As per the term sheet, Marina will pay to Turing up to $95 million in success- and sales-based milestones plus a mid-single digit royalty on net sales.
"We are extremely pleased to have this opportunity to bring in a late-stage clinical program with the potential for approval in multiple indications including certain rare disorders," said J. Michael French, president and chief executive officer, Marina Biotech. "The program has been advanced worldwide with plans for U.S. and international clinical trial sites. The work thus far has predominately been directed at suicidality in post-traumatic stress disorder; a patient population with few, if any, therapeutic options. We believe the early clinical successes of this program combined with broadening acceptance of ketamine as a treatment for neurological and psychiatric diseases, presents a unique opportunity to rapidly move this compound into the U.S. market as early as 2019.”
"We too are pleased to enter into this relationship with Marina and to have found a company capable of giving this program the priority it deserves," said Eliseo Salinas, president of research and development, Turing Pharmaceuticals. "I have been impressed with the progress our research and development team has made over the past six months in advancing intranasal ketamine for the treatment of suicidality. I look forward to working with the Marina team to rapidly transition this program so that we can maintain our momentum and bring this compound to market as quickly as possible."
Marina's purchase of Turing's Phase 3 intranasal ketamine program is expected to close by July 1, 2016.
