Pfizer’s Acquisition Of Idun Includes Phase II Caspase Inhibitor
This article was originally published in The Pink Sheet Daily
Executive Summary
Idun’s lead small molecule, IDN-6556, is thought to control apoptosis (cell death) and is in Phase II trials for liver transplantation and hepatitis C. The deal is expected to close in the second quarter.
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Pfizer will gain access to a Phase II pan caspase inhibitor and an "extensive" apoptosis patent portfolio through its proposed acquisition of the privately held biotech company Idun Pharmaceuticals. San Diego-based Idun Pharmaceuticals' lead clinical candidate, IDN-6556, is in Phase II trials for improving liver function following organ transplantation and as a treatment for hepatitis C. IDN-6556 is thought to control apoptosis, a process of cell death that occurs in a wide range of diseases. Caspases are a group of cellular proteases involved in the apoptosis and inflammation pathways. Vertex has also explored caspase inhibitors' role in apoptosis. Idun's lead small molecule "may represent a new class of drugs that protect the liver from inflammation and cellular damage induced by viral infections and other causes," Pfizer and Idun said in announcing the pending acquisition Feb. 24. For Pfizer, the deal also represents a new direction in how the company looks at M&A: acquisitions of smaller firms that will remain independent of Pfizer's large pharma operations (see 1 (Also see "Pfizer Using Idun Purchase As Model For Future M&A" - Pink Sheet, 24 Feb, 2005.) ). Idun also has a number of preclinical candidates for inflammation and cancer. The biotech company holds more than 150 patents covering apoptosis-related drug targets, new molecular entities, drug screening assays, diagnostics and antibodies. Idun has signed a number of collaborations with large pharma in the apoptosis arena, raising $96 mil. in equity and research funding from agreements with companies such as Novartis, Abbott and Elan. Idun was founded by Robert Horvitz (Massachusetts Institute of Technology) and Burnham Institute CEO John Reed. Horvitz received the Nobel Prize for Medicine in 2002 for his research in organ development and apoptosis. The company is headed by CEO Steven Mento, a former executive at Chiron and American Cyanamid (now Wyeth). Chief Medical Officer David Shapiro was head of Merck's hypertension clinical research group and VP-clinical research at Gensia. The acquisition is expected to close in the second quarter; terms of the deal were not disclosed. - Kate Rawson |