The agreement foresees performance related milestone payments in the coming years, as well as an option to purchase the remaining 49% of Meizler Biopharma later in time. The parties have agreed not to disclose further details pertaining to financial elements of the transaction.
"Our strategic partnership in Brazil with Meizler Biopharma is part of UCB’s growth strategy… [and] relies especially on their local infrastructure, Avi Meizler's and his team's experience and excellent reputation," said Roch Doliveux, CEO of UCB.
Doliveux continued, "Brazil is one of UCB’s key markets in which the company did not have a direct presence yet. It is currently the seventh largest biopharmaceutical market world-wide and is growing fast. With Meizler Biopharma, we look forward to building our presence in this region, creating a platform to launch UCB’s new products and making our medicines available to more patients.”
As part of the partnership, UCB will bring parts of its mature and new medicines into Meizler Biopharma's portfolio, which already covers central nervous system and immunology, for commercialization in Brazil. In 2011, the company had revenues in excess of $44 million. UCB will fully consolidate Meizler Biopharma financial results under the international accounting rules IFRS.
"We are very happy with our new partner UCB which strengthens Meizler Biopharma and brings the advantages of a global biopharmaceutical leader including a strong R&D pipeline of potential new products,” said Avi Meizler, founder, CEO and principle shareholder of Meizler Biopharma. “Knowledge and expertise sharing between our teams will create a platform for growth to the benefits of patients living with severe diseases."