Oxford BioMedica will receive an upfront payment of $26 million and committed funding of up to a further $24 million over three years. In addition, Sanofi-Aventis has an exclusive option for a worldwide license to develop and commercialize four ocular products. If successful, Oxford BioMedica will receive further undisclosed license fees, milestone payments and royalties on product sales.
The new agreement covers four LentiVector-based product candidates in the field of ophthalmology: RetinoStat for wet age-related macular degeneration, StarGen for Stargardt disease, UshStat for Usher syndrome 1B and EncorStat for corneal graft rejection.
There are currently no existing treatments for Stargardt disease, Usher syndrome and corneal graft rejection. Oxford BioMedica has granted Sanofi-Aventis a license to develop the products, and an option for further development, manufacture and commercialization on a worldwide basis.
Oxford BioMedica will be responsible for preclinical development and for conducting initial Phase I/II studies. Under the joint development plan, the companies aim to advance all four product candidates into Phase I/II development within three years.
At any time prior to or within a defined period after completion of each Phase I/II study, Sanofi-Aventis can exercise its option to license the products and will then assume responsibility for ongoing activities. Sanofi-Aventis also has rights to broaden its license to develop the four products in additional indications, and has rights of first refusal to license other LentiVector-based products for the treatment of ocular diseases.
John Dawson, Oxford BioMedica’s CEO, said: “We are delighted to have entered a new collaboration with Sanofi-Aventis for the treatment of ocular diseases, which enables us to accelerate and expand our development activities in this area. This multi-product collaboration, combined with the encouraging data emerging from the Phase I/II trial of ProSavin in Parkinson’s disease, validate the tremendous potential and value of our LentiVector platform across many indications.
“The broad scope of our new partnership is in line with the company’s strategy of reducing risk and maximizing the value of our assets. By strengthening our financial resources, we are well-positioned for further growth and will continue to build the company through in-house and collaborative drug development.”