AstraZeneca PLC said on Wednesday that it will acquire the remaining equity in Caelum Biosciences Inc. for $150 million upon completion.
Caelum is developing CAEL-101, an antibody used for the treatment of light chain amyloidosis, a rare disease which can cause significant organ damage and failure.
The London-listed biopharmaceutical company said that Alexion, its rare diseases division, will pay Caelum Biosciences the agreed option exercise price for its remaining equity, and that the transaction has potential for additional payments of up to $350 million upon regulatory and commercial milestones being achieved.
AstraZeneca said it will advance and accelerate the Phase 3 clinical development of CAEL-101.
"With a median survival time of less than 18 months following diagnosis, there is an urgent need for new treatments for this devastating disease. CAEL-101 has the potential to be the first therapy to target and remove amyloid deposits from organ tissues, improve organ function, and, ultimately, lead to longer lives for these patients," Alexion Chief Executive Marc Dunoyer said.
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