Biotie completes planned portfolio review

24 September 2013

Finland-based Biotie Therapies (Nasdaq OMX: BTH1V), which is focused on neurodegenerative and psychiatric disorders, has revealed the outcome of its planned portfolio review following its success earlier in the year with the approval and launch of Selincro (nalmefene) in Europe by Denmark’s Lundbeck (LUN: CO) and the exercise by Belgium’s UCB (Euronext Brussels: UCB) of its license for tozadenant (SYN115), for which Biotie received a $20 million milestone.

The review establishes the best way for Biotie to maximize value from its current products and introduces a new strategy under which the company will use its relatively strong financial position to seek additional pipeline opportunities, including those that it could potentially develop itself through to regulatory approval and beyond. For the past few years, Biotie has successfully operated a strategy built around search, profile and partner to bring novel products to market. This strategy has to date delivered development and commercialization deals for:

Selincro, used to treat alcohol dependence, with Lundbeck, which introduced the product in Europe earlier in 2013. Biotie is eligible to receive milestones for launches in further key European markets in 2013 and 2014 and to receive royalties and further milestone payments; and
tozadenant (SYN115) for Parkinson's disease, with UCB, which is being prepared for Phase III development. Under the terms of a subsequent agreement Biotie will conduct the Phase III development in return for additional payments from UCB relating to defined development, regulatory and commercial milestones.

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