Biovitrum, a developer of protein-based medicines, and Karolinska Development, a Swedish investment company, have signed an agreement to establish a jointly owned project company. This company will receive all rights to further develop, market and sell Biovitrum’s pharmaceutical project FLT3 against leukemia.
Karolinska Development will finance the project with a maximum of SEK10 million up to a defined decision point. Thereafter, the new company will decide upon subsequent handling of the assets. The FLT3 project is currently in preclinical phase.
The newly started company will be controlled with 80.1% owned by Karolinska Development. Biovitrum becomes minority owner with 19.9% ownership. According to the agreement, Biovitrum will receive future royalties on sales of pharmaceuticals developed based on the FLT3 project.
Martin Nicklasson, CEO of Biovitrum, said: The agreement means that our interesting low molecule project within leukemia can be further developed while Biovitrum can pursue its strategy to focus on future biopharmaceuticals. I am convinced that Karolinska Development will create the best of possibilities for the development of this project all the way to a new cancer drug for patients with high unmet medical needs.
Biovitrum markets a range of specialist pharmaceuticals internationally. Research expertise and capabilities are focused on development and production of biotechnology therapeutics within areas of hemophilia, inflammation/autoimmune diseases and malabsorption.
Karolinska Development is an investment company using cost effective model to commercialize internationally life science innovations.