NEW HAVEN, Conn., Jan. 7, 2021 /PRNewswire/ -- Biohaven
Pharmaceutical Holding Company Ltd. (NYSE: BHVN; the "Company" or
"Biohaven") today announced the acquisition of the remaining 58%
interest of Kleo Pharmaceuticals, Inc. ("Kleo") that it did not
previously own and the execution of an exclusive license agreement
with Yale University for a novel
extracellular degrader technology licensed from the Spiegel Lab. In
connection with these two transactions, Biohaven assumed Kleo's
laboratory facilities located in Science Park in New Haven, Connecticut and formed Biohaven
Labs to serve as the integrated chemistry and discovery research
arm of Biohaven. Biohaven Labs will continue several existing Kleo
discovery partnerships, including with the Bill and Melinda Gates
Foundation for the development of a Hyperimmune Globulin Mimic
(HGM) for COVID-19 and PeptiDream for the development of
immuno-oncology therapeutics.
Vlad Coric, M.D., Chief Executive
Officer of Biohaven commented, "Inherent to the value creation of
biopharmaceutical companies is the ability to continue to develop
innovative technology platforms to deliver future treatments to
patients. With these two transactions, Biohaven is excited to
formally launch Biohaven Labs at Science Park in New Haven, Connecticut. Biohaven Labs will
combine two cutting-edge platform technologies from Yale University in immune modulation (MATE and ARM)
plus their extracellular target degrader technology with our
existing small molecule discovery programs. We have a world class
development team that has demonstrated the ability to advance novel
treatments to the clinic and will harness the full potential of
these novel technology platforms to create value for patients and
investors."
Kleo Pharmaceuticals Acquisition
Kleo Pharmaceuticals is a privately held biotechnology company
developing next-generation, bispecific compounds designed to
emulate or enhance the activity of biologics based on the
groundbreaking research of its scientific founder Dr. David Spiegel at Yale
University. Its proprietary technology platforms are modular
in design and enable rapid generation of novel immunotherapies that
can be optimized against specified biological targets and combined
with existing cell- or antibody-based therapies. These include
Antibody Recruiting Molecules (ARMs) and Monoclonal Antibody
Therapy Enhancers (MATEs).
David A. Spiegel, MD, PhD
commented, "I am delighted to continue working with Biohaven on the
ARM and MATE platforms, and also to expand our collaboration to
include Molecular Degraders of Extracellular Proteins (MoDEs). Vlad
and the Biohaven team are a visionary group with the ability to
bring all of these technologies into the clinic. Their demonstrated
skill in clinical development dovetails perfectly with my
laboratory's expertise in developing new mechanistic paradigms for
therapeutic function. It is truly humbling to be a part of an
enterprise with such far-reaching potential to deliver therapies
for treating conditions in the oncology, autoimmunity, neuroscience
realms and beyond. Plus our continuing collaborative relationship
with Patrick Reid and the PeptiDream
team will be an important catalyst for success."
Biohaven's acquisition of Kleo was completed in a stock deal to
acquire all shares of the company in the merger. In the
acquisition of Kleo, for each Kleo share owned, Kleo stockholders
have the right to receive, (i) approximately 0.007 of a common
share of the Company, (ii) one contingent value right, representing
the right to receive $1.00 in cash if
certain specified Kleo biopharmaceutical products or product
candidates receive the approval of the U.S. Food and Drug
Administration prior to the expiration of 30 months following the
effective time of the merger, and (iii) certain other amounts to
extent released from escrows established to provide for
indemnification claims. The agreement was unanimously approved by
Biohaven's Board of Directors and was approved by Kleo's Board of
Directors based upon the unanimous recommendation of a special
committee of independent directors of Kleo. The merger values
Kleo, including cash on hand, at approximately $20 million, exclusive of the value of the
contingent value rights.
With this transaction, Biohaven welcomes the Kleo chemistry and
discovery staff fully into its world class clinical development
operations, commercial infrastructure, and broad capital base to
advance the company's product development and more effectively
reach patients in need. Biohaven Labs will assume full control of
the approximately 10,000 square feet of the recently established
Kleo chemistry and discovery facilities at Science Park in
New Haven, Connecticut. Biohaven
Labs will continue its collaboration with PeptiDream and plans on
expanding its partnership.
Patrick C. Reid, PhD, Chief
Executive Officer of PeptiDream commented, "We greatly look forward
to working with the Biohaven clinical development and Biohaven Labs
teams on advancing the next generation of therapeutics, with the
ultimate goal of bringing these exciting therapies to
commercialization and improving the lives of patients
worldwide."
Yale University License Agreement
for Spiegel Lab Degrader Technology
Biohaven has entered into a worldwide, exclusive license
agreement for the development and commercialization of a novel
Molecular Degrader of Extracellular Protein (MoDEs) platform based
on ground-breaking research conducted in the laboratory of
Professor David Spiegel at
Yale University. Under the license
agreement, Biohaven acquired exclusive, worldwide rights to
Yale's intellectual property directed
to its MoDEs platform. The platform pertains to the clearance
of disease-causing protein and other biomolecules by targeting them
for lysosomal degradation using multi-functional molecules. The
platform is differentiated from existing approaches in that it does
not rely on ubiquitin ligases, and it allows for a broad range of
targets to be degraded.
About Biohaven
Biohaven is a commercial-stage biopharmaceutical company with a
portfolio of innovative, best-in-class therapies to improve the
lives of patients with debilitating neurological and
neuropsychiatric diseases, including rare disorders. Biohaven's
neuroinnovation portfolio includes FDA-approved NURTEC™ ODT
(rimegepant) for the acute treatment of migraine and a broad
pipeline of late-stage product candidates across three distinct
mechanistic platforms: CGRP receptor antagonism for the acute and
preventive treatment of migraine; glutamate modulation for
obsessive-compulsive disorder, Alzheimer's disease, and
spinocerebellar ataxia; and MPO inhibition for multiple system
atrophy and amyotrophic lateral sclerosis. More information about
Biohaven is available at www.biohavenpharma.com.
Forward-Looking Statements
This news release includes forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
The use of certain words, including "believe", "continue", "may",
"will" and similar expressions, are intended to identify
forward-looking statements. These forward-looking statements
involve substantial risks and uncertainties, including statements
that are based on the current expectations and assumptions of
Biohaven's management about any of Biohaven's products or programs
including, for example, NURTEC ODT as an acute treatment for
patients with migraine and potential preventive treatment for
migraine, Biohaven's pipeline of late-stage product candidates
across three distinct mechanistic platforms: CGRP receptor
antagonism for the acute and preventive treatment of migraine;
glutamate modulation for obsessive-compulsive disorder, Alzheimer's
disease, and spinocerebellar ataxia; and MPO inhibition for
multiple system atrophy and amyotrophic lateral sclerosis, Kleo
Pharmaceuticals compounds and programs or the Target Degrader
(MoDEs) Platform licensed from Yale,
the potential commercialization of Biohaven's product candidates,
the potential for Biohaven's product candidates to be first in
class or best in class therapies and the effectiveness and safety
of Biohaven's product candidates. Various important factors could
cause actual results or events to differ materially from those that
may be expressed or implied by our forward-looking statements.
Additional important factors to be considered in connection with
forward-looking statements are described in the "Risk Factors"
section of Biohaven's Annual Report on Form 10-K for the year ended
December 31, 2019, filed with the
Securities and Exchange Commission on February 26, 2020, and Biohaven's Quarterly
Report on Form 10-Q for the quarter ended September 30, 2020. The forward-looking
statements are made as of this date and Biohaven does not undertake
any obligation to update any forward-looking statements, whether as
a result of new information, future events or otherwise, except as
required by law.
Biohaven Contact:
Dr. Vlad
Coric
Chief Executive Officer
Vlad.Coric@biohavenpharma.com
Business Development Contact for MATE, ARM or MoDE Platform
Technologies:
Dr. Donnie
McGrath
Donnie.McGrath@biohavenpharma.com
Chief of Corporate Strategy and Business Development
NURTEC and NURTEC ODT are registered trademarks of Biohaven
Pharmaceutical Ireland DAC.
MATES and ARMS are trademarks of Kleo Pharmaceuticals, Inc.
MoDEs is a trademark of Biohaven Therapeutics Ltd.
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SOURCE Biohaven Pharmaceutical Holding Company Ltd.