Austria's Apeiron sells rights to early-stage lung disease drug to GlaxoSmithKline for as much as $332 million
Privately-held Austrian biotechnology firm Apeiron Biologics AG has entered into an agreement granting UK drugs giant GlaxoSmithKline, granting the latter exclusive rights to APN01 (recombinant human angiotensin converting enzyme 2, rhACE2), an enzyme biotherapeutic currently in Phase I development for the treatment of the acute respiratory distress syndrome (ARDS).
Under the terms of the deal, the total milestone payments could reach £207 million (approx. $331.7 million) in the event of launch in multiple indications. The Vienna-based company will receive an up-front payment of £11 million in cash and equity investment and will be eligible for royalties on net sales from GSK, which already has a substantial portfolio of respiratory disease drugs.
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