Lundbeck and Takeda Form Alliance to Develop and Commercialize a Portfolio of Novel Compounds in the US and Japan for the Treatment of Mood and Anxiety Disorders
COPENHAGEN, Sept. 5, 2007-H. Lundbeck A/S and Takeda Pharmaceutical Company Limited today announced a strategic alliance for the exclusive co-development and co-commercialization in the United States and Japan of several compounds in Lundbeck's pipeline for the treatment of mood and anxiety disorders.
The partnership will initially focus on co-development and co-commercialization of the two most advanced compounds in Lundbeck's pipeline for mood and anxiety disorders, Lu AA21004 and Lu AA24530, with an option under certain conditions to include two other compounds of the same class in earlier stages of development. Assuming approvals, the companies plan to co-promote the compounds in the United States and Japan.
Under the terms of the agreement, Lundbeck will receive an initial payment of USD 40 million and potentially a maximum of USD 345 million in additional development milestone payments. Takeda and Lundbeck will jointly complete the development programmes, with Takeda booking the total sales and funding the majority of the remaining development activities. Lundbeck will receive a share of the revenue generated in the US and Japan as well as royalty payments on Takeda's share of revenues. Other economic conditions are not disclosed.
"We are delighted to have reached an agreement with one of the strongest global players in central nervous system research," says Yasuchika Hasegawa, president of Takeda. "Lundbeck has a novel compounds portfolio for the treatment of mood and anxiety disorder and we believe those compounds have the potential to demonstrate substantial benefits compared to existing therapies and that they will therefore be able to target unmet patient needs, while contributing to the enhancement of our CNS franchise which is one of our core therapeutic areas."
"Takeda's experience in building up a leading and one of the fastest growing companies in the US combined with its market leader position in Japan has made us confident that we have identified a fully committed and highly competent partner for our portfolio of compounds for the treatment of mood and anxiety disorders," said Dr. Claus Braestrup, president and CEO of Lundbeck. "This agreement also provides a unique opportunity for Lundbeck to build a commercial presence both in the US and in Japan with the support of a strong partner, while we continue to utilize our own European and international platform outside the US and Japan to commercialize the compounds."
About the compounds The compounds belong to a new chemical class that has been discovered at Lundbeck. Compared with currently approved antidepressants, preclinical models have demonstrated that the compounds have the potential to address important unmet needs for patients in terms of both fast onset of effect and increased efficacy. The most advanced compound, Lu AA21004, is currently in clinical phase II development for the treatment of major depressive disorder (MDD). It is expected that the clinical trials will be finalized, opened and announced later this year.
H. Lundbeck A/S forward-looking statement Lundbeck will receive USD 40 million as an extraordinary initial payment, which will positively influence the Lundbeck Group's revenue for 2007.
Lundbeck forecasts strong growth in consolidated profit for 2007 relative to 2006. Excluding extraordinary items, Lundbeck expects a profit from operations of more than DKK 2.5 billion, an EBIT margin of 25% and a level of investment of approximately DKK 650 million.
Takeda contacts
Investors & Media:
Seizo Masuda Coordinator, Corporate Communications Dept. +81-3-3278-2037
Lundbeck contacts
Investors: Media:
Jacob Tolstrup Caroline Broge Director, Investor Relations Media Relations Manager +45 36 43 30 79 +45 36 43 26 38 +1 201 350 0187
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Stock Exchange Release No 292 - 5 September 2007
About Takeda Located in Osaka, Japan, Takeda (TSE:4502) is a research-based global company with its main focus on pharmaceuticals. As the largest pharmaceutical company in Japan and one of the global leaders of the industry, Takeda is committed to striving toward better health for individuals and progress in medicine by developing superior pharmaceutical products. Additional information about Takeda is available through its corporate website, www.takeda.com.
About Lundbeck H. Lundbeck A/S is an international pharmaceutical company engaged in the research and development, production, marketing and sale of drugs for the treatment of psychiatric and neurological disorders. In 2006, the company's revenue was DKK 9.2 billion (approximately EUR 1.2 billion or USD 1.6 billion). The number of employees is approximately 5,300 globally. For further information, please visit www.lundbeck.com
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