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news.Biogen has secured access to Mitsubishi Tanabe Pharma's MT-1303, an experimental oral compound with potential in several autoimmune indications, in a deal worth over $500m.
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MT-1303, which targets the sphingosine 1-phosphate (S1P) receptor, completed a successful Phase II clinical trial in multiple sclerosis (MS). Biogen is assessing a rapid development program in the indication.
Biogen plans to begin a clinical trial in ulcerative colitis and may advance an existing program in Crohn’s disease to Phase III.
Under the deal, Biogen will receive global rights to MT-1303, excluding Asia, in return for an upfront payment of $60m to Mitsubushi.
The company will also pay up to $484m in additional milestone payments for various indications and territories.
The deal requires Biogen to commercialize MT-1303 globally and cover development costs outside of Asian territories.
Mitsubishi Tanabe will be allowed to participate in Biogen’s worldwide clinical trials. It has an option to co-promote non-MS indications in the US.
Biogen group senior vice president and chief medical officer Alfred Sandrock said: "Based on compelling efficacy and safety data, we believe that MT-1303 could be a best-in-class S1P modulator.
"There is a great need for effective oral therapies for the treatment of inflammatory bowel disease and other autoimmune indications, and we are excited to strengthen our late-stage pipeline with this next-generation oral investigational therapy."