Camurus receives milestone from Novartis
Novartis has exercised its option to acquire an exclusive license for the further development and worldwide commercialization of CAM2029 for treatment of patients with acromegaly and neuroendocrine tumors (NETs). The license also covers additional future products based on the Camurus' FluidCrystal Injection depot technology. Camurus is a research-based pharmaceutical company dedicated to developing therapeutics for diseases with high unmet medical needs.
The option exercise is the next stage in the collaboration, option and license agreement between Novartis and Camurus executed in December 2011. It triggers an undisclosed milestone payment to Camurus from eligible potential payments of up to $ 700 million, subject to achievement of predefined development, regulatory and commercial milestones. In addition, Camurus is entitled to royalties on global product sales.
CAM2029 is a novel, long-acting octreotide product that has been developed by Camurus with the goal of easy subcutaneous administration in the treatment of patients with acromegaly and NETs. CAM2029 has received orphan drug designation by EMA for the treatment of acromegaly and has been studied in three clinical phase I trials, assessing pharmacokinetics, pharmacodynamics and safety after single and repeat dosing. Following the option exercise, Novartis will assume responsibility for further clinical development of CAM2029, including any phase III studies, product registration and worldwide commercialization.