Tolero and MannKind Sign Collaboration and License Agreement to Develop and Commercialize Novel BTK Inhibitors for Hematological Malignancies and Inflammatory Diseases
SALT LAKE CITY & VALENCIA, Calif.--(BUSINESS WIRE)--Apr. 30, 2012--
Tolero Pharmaceuticals, a biopharmaceutical company focused on the
discovery and development of novel therapeutics to treat cancer and
other serious human diseases, and MannKind Corporation (Nasdaq: MNKD),
focused on discovering, developing and commercializing therapeutic
products for diabetes and cancer, today announced a license agreement
granting Tolero exclusive worldwide rights to develop and commercialize
compounds from MannKind’s novel BTK (Bruton’s tyrosine kinase) program,
which are currently being developed for the treatment of hematological
malignancies and inflammatory diseases.
Under the terms of the agreement, Tolero will pay MannKind upfront and
milestone payments linked to the development, approval and
commercialization of products, for total potential upfront and milestone
payments of approximately $130 million. MannKind will also receive
tiered royalties on sales of products and a percentage of sublicensing
revenue. In addition, MannKind has an option to re-acquire the rights to
the program at pre-specified terms until 60 days after the conclusion of
the first Phase 1 study. If MannKind exercises this option, then
MannKind would assume responsibility for developing and commercializing
products and Tolero would become entitled to receive the milestone
payments, royalties and sublicensing revenues specified in the agreement.
“We are really excited about this opportunity and pleased to be working
with an experienced drug development team at MannKind that is passionate
about moving this program forward. BTK currently represents one of the
most exciting therapeutic targets in oncology, and we feel that our
collaborative approach to targeting BTK may uncover some novel utilities
not yet fully realized,” said Dallin Anderson, Chairman and President of
Tolero.
Dr. David Bearss, Founder of Tolero, added, “BTK has already been
demonstrated to be a validated clinical target in multiple disease
settings. We believe that MannKind has developed a series of novel
compounds with unique mechanisms of action that may lead to important
treatments for cancer and autoimmune diseases, such as rheumatoid
arthritis. We are excited to be a strategic partner with MannKind.”
About Tolero Pharmaceuticals
Tolero is a biopharmaceutical company dedicated to the discovery and
development of novel therapeutics to treat and cure cancer and other
life-threatening diseases. Tolero has used its innovative drug
development platform to create a diverse portfolio of drug candidates
targeting several cancer-associated cellular pathways. Tolero
Pharmaceuticals is a privately held company founded in 2011 and
headquartered in Salt Lake City, Utah.
About MannKind Corporation
MannKind Corporation (Nasdaq: MNKD) focuses on the discovery,
development and commercialization of therapeutic products for patients
with diseases such as diabetes and cancer. Its lead product candidate,
AFREZZA®, is in late stage clinical investigation for the treatment of
adults with type 1 or type 2 diabetes for the control of hyperglycemia.
MannKind maintains a website at http://www.mannkindcorp.com
to which MannKind regularly posts copies of its press releases as well
as additional information about MannKind. Interested persons can
subscribe on the MannKind website to e-mail alerts that are sent
automatically when MannKind issues press releases, files its reports
with the Securities and Exchange Commission or posts certain other
information to the website.
This press release contains forward-looking statements, including
statements regarding our expectations and beliefs regarding the
collaboration and license agreement with Tolero, that involve risks and
uncertainties. Words such as “believes,” “anticipates,” “plans,”
“expects,” “intends,” “will,” “goal,” “potential” and similar
expressions are intended to identify forward-looking statements. These
forward-looking statements are based upon our current expectations.
Actual results and the timing of events could differ materially from
those anticipated in such forward-looking statements as a result of
these risks and uncertainties, which include, without limitation, risks
regarding reliance on Tolero to develop and commercialize products from
the BTK program, including risks that Tolero may not devote sufficient
efforts to those activities, whether due to lack adequate financial or
other resources, a strategic decision to focus on other initiatives or
otherwise, and risks that the agreement with Tolero may be terminated,
as well as risks associated with the progress, timing and results of
clinical trials, difficulties or delays in seeking or obtaining
regulatory approval, competition from other pharmaceutical or
biotechnology companies, and other risks detailed in our filings with
the Securities and Exchange Commission, including its annual report on
Form 10-K for the year ended December 31, 2011. You are cautioned not to
place undue reliance on these forward-looking statements, which speak
only as of the date of this press release. All forward-looking
statements are qualified in their entirety by this cautionary statement,
and we undertake no obligation to revise or update any forward-looking
statements to reflect events or circumstances after the date of this
press release.
Source: MannKind Corporation and Tolero Pharmaceuticals
For Tolero Pharmaceuticals:
Dallin Anderson
Chairman and
President
(801) 285-7570
danderson@toleropharma.com
or
For
MannKind Corporation:
Matthew Pfeffer
Chief Financial Officer
(661)
775-5300
mpfeffer@mannkindcorp.com