Boehringer pulls out of deal with Vitae Pharma for BACE Inhibitors

27 July 2015

Clinical-stage biotech company Vitae Pharmaceuticals (Nasdaq: VTAE) today announced that German family-owned pharma major Boehringer Ingelheim is ending the parties' collaboration and license agreement for orally-active beta secretase (BACE) inhibitors for the treatment and prevention of Alzheimer's disease and other indications.

Termination of the agreement will be effective as of October 21, 2015. Boehringer has informed Vitae that it is exercising its right to terminate the agreement for strategic business reasons. Vitae’s shares fell 5.4% to $9.92 on the news.

"We are grateful for BI's support for the BACE program, as we have demonstrated significant progress towards the development of an oral BACE inhibitor for Alzheimer's disease," commented Jeff Hatfield, president and chief executive of Vitae.

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