- Takeda Pharmaceutical Company (OTCPK:TKPHF)(TKPYY) inks an agreement with Belgian biotech TiGenix NV for the exclusive ex-U.S. rights to develop and commercialize the latter's Orphan Drug-tagged Cx601 for the treatment of complex perianal fistulas in patients with Crohn's disease.
- Under the terms of the deal, TiGenix will receive an upfront cash payment of €25M, milestones up to €355M and double-digit royalties on net sales. In addition, Takeda will make a €10M equity investment in TiGenix sometime in the next 12 months.
- The first milestone is €15M triggered by securing a Marketing Authorization for Cx601 in the European Economic Area. TiGenix retains the rights to Cx601 for other indications.
- Phase 3-stage Cx601 is a suspension of allogeneic adipose-derived stem cells that are injected directly into the lesions.
- A Phase 3 study should commence in H2 in the U.S. as well.