Biovitrum completes Cambridge Biotechnology sale
Swedish pharmaceutical company Biovitrum has completed the sale of its UK-based r&d subsidiary Cambridge Biotechnology (CBT) and certain drug development programmes to London-based Proximagen Neuroscience, which focuses on drug development for neurodegenerative disorders, including Parkinson's disease and Alzheimer's disease.
Swedish pharmaceutical company Biovitrum has completed the sale of its UK-based r&d subsidiary Cambridge Biotechnology (CBT) and certain drug development programmes to London-based Proximagen Neuroscience, which focuses on drug development for neurodegenerative disorders, including Parkinson's disease and Alzheimer's disease.
The drug development programmes consist of the pre-clinical stage VAP-1 and Trk A, as well as the 5-HT2c agonist and the 5-HT6 antagonist clinical stage programmes. In return, Biovitrum will receive a share of future revenues generated from the pipeline.
"We are pleased that CBT, along with its promising small-molecular pipeline in important primary care areas, will get a new home, as we are focusing on recombinant protein pharmaceuticals in specialist indications," said Martin Niklasson, ceo of Biovitrum.
"We are convinced that Proximagen will develop these exciting programmes, and leverage their full potential value, for the benefit of patients with unmet medical needs."