Emisphere Signs License Agreement With Novo Nordisk to Develop Oral Formulations of Four Molecules Targeting Metabolic Indica...
October 15 2015 - 08:21AM
Emisphere Technologies, Inc. today announced that it has entered
into a Development and License Agreement with Novo Nordisk A/S
(NYSE:NVO) to develop and commercialize oral formulations of four
classes of Novo Nordisk’s investigational molecules targeting major
metabolic disorders, including diabetes and obesity, using
Emisphere's oral Eligen® Technology. Under the terms of the
agreement, Emisphere licensed to Novo Nordisk the exclusive right
to develop potential product candidates in three molecule classes,
and the non-exclusive right to develop potential product candidates
in a fourth molecule class, using the Eligen® Technology.
The license provides Emisphere with a $5.0
million upfront licensing fee, and the opportunity to receive up to
$62.5 million in development and sales milestone payments for each
of the three exclusively licensed molecule classes, and up to $20
million in development milestone payments for the non-exclusively
licensed molecule class. Additionally, Emisphere would receive
royalties on sales of each successfully commercialized product.
Novo Nordisk is solely responsible for the development and
commercialization of all product candidates.
In addition, Emisphere granted Novo Nordisk the
option to obtain exclusive and non-exclusive rights to develop and
commercialize oral formulations of additional investigational
molecules for the treatment of diabetes, obesity, and indications
in other important therapeutic areas using the Eligen® Technology.
If Novo Nordisk exercises its option to develop and commercialize
any additional investigational molecules, Emisphere would be
entitled to receive an additional payment upon the exercise of each
option for exclusive or non-exclusive development rights for each
molecule class. Emisphere would be eligible to receive up to $62.5
million in development and sales milestone payments for each
additional exclusively licensed molecule class, and up to $20
million in development milestone payments for each additional
non-exclusively licensed molecule class, plus royalties on sales of
each commercialized product.
In conjunction with the signing of the new
license agreement, Emisphere and Novo Nordisk also amended their
existing GLP-1 (semaglutide) license agreement to provide for,
among other things, a payment of $9.0 million to Emisphere from
Novo Nordisk as prepayment of a product development milestone in
exchange for a reduction in future royalty payments.
"We are delighted to have broadened our
collaboration with Emisphere for access to their Eligen® Technology
under this new development and license agreement,” said Peter
Kurtzhals, Senior Vice President for Global Research in Novo
Nordisk.
“Novo Nordisk has been an important partner for
many years and this expanded partnership further validates the
Eligen® Technology and its ability to facilitate absorption from
the gastrointestinal tract,” said Alan L. Rubino, Chief Executive
Officer of Emisphere. “We have been intensely focused on
transforming Emisphere into a robust commercial and development
organization, seeking to identify and establish new, value-creating
licensing opportunities for our Eligen® Technology to major
pharmaceutical companies, while realizing the significant market
potential of our proprietary oral Eligen B12™ product. This
agreement with Novo Nordisk represents the first significant
accomplishment in this ongoing, transformational effort and we look
forward to future successes resulting from our global business
development strategy.”
ABOUT ELIGEN® TECHNOLOGY
Emisphere's broad-based drug delivery technology
platform, known as the Eligen® Technology, uses proprietary,
synthetic chemical compounds, known as Emisphere delivery agents,
or carriers. Emisphere's Eligen® Technology makes it possible to
deliver a therapeutic molecule without altering its chemical form
or biological integrity.
ABOUT NOVO NORDISK
Novo Nordisk is a global healthcare company with
more than 90 years of innovation and leadership in diabetes
care. This heritage has given us experience and capabilities that
also enable us to help people to address other serious chronic
conditions including hemophilia, growth disorders and obesity.
Headquartered in Denmark, Novo Nordisk employs approximately 39,700
people in 75 countries and markets its products in more than 180
countries. Novo Nordisk's B shares are listed on Nasdaq Copenhagen
(Novo-B). Its ADRs are listed on the New York Stock Exchange (NVO).
For more information, visit novonordisk.com, Facebook, Twitter,
LinkedIn, YouTube
ABOUT EMISPHERE
Emisphere is a specialty pharmaceutical company
that has recently commenced commercial operations. The Company
launched its first prescription product, oral Eligen B12™, in the
U.S. in March 2015. Beyond Eligen B12, the Company utilizes its
proprietary Eligen® Technology to create new oral formulations of
therapeutic agents. Emisphere is currently partnered with global
pharmaceutical companies for the development of new orally
delivered therapeutics. For more information, please visit
www.emisphere.com.
EMISPHERE SAFE HARBOR STATEMENT
REGARDING FORWARD-LOOKING STATEMENTS
The statements in this release or oral
statements made by representatives of Emisphere relating to matters
that are not historical facts are forward-looking statements that
involve risks and uncertainties, including, but not limited to, the
success of the Company's commercialization initiatives, the
Company's ability to enter into and maintain strategic
partnerships, the Company's ability and/or that of its partners to
develop, manufacture and commercialize products using Emisphere's
drug delivery technology, and other risks and uncertainties
detailed in Emisphere's filings with the Securities and Exchange
Commission, including those factors discussed under the caption
"Risk Factors" identified in the documents Emisphere has filed, or
will file, with the Securities and Exchange Commission ("SEC").
There can be no assurance that any of the development or sales
milestones in the Development and License Agreement will be met or
that such milestone payments will be received or that Novo Nordisk
will be able to successfully commercialize any of the product
candidates. Copies of Emisphere's filings with the SEC may be
obtained from the SEC Internet site at http://www.sec.gov.
Emisphere expressly disclaims any obligation or undertaking to
release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in Emisphere's
expectations with regard thereto or any change in events,
conditions, or circumstances on which any such statements are
based.
COMPANY CONTACTS:
Alan L. Rubino, CEO
973.532.8000
arubino@emisphere.com
Michael R. Garone, CFO
973.532.8005
mgarone@emisphere.com
INVESTOR CONTACT:
Susan Kim
Argot Partners
212.600.1902
susan@argotpartners.com
MEDIA CONTACT:
Eliza Schleifstein
Argot Partners
917.763.8106
eliza@argotpartners.com
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