Forbion Portfolio Company Staten Biotechnology Enters into a Collaboration with Novo Nordisk to Develop Novel Treatment for Dyslipidaemia
NAARDEN, The Netherlands & MUNICH--(BUSINESS WIRE)--Dec 17, 2018--Forbion today announces that its portfolio company Staten Biotechnology B.V. and Novo Nordisk A/S have entered into a collaboration and exclusive option agreement to develop novel therapeutics for the treatment of hypertriglyceridaemia.
Under the terms of the agreement, Novo Nordisk will provide R&D funding and support for Staten to develop its lead asset STT-5058 for treatment of dyslipidaemia. Staten Biotechnology and its shareholders are entitled to receive signing and exercise fees, R&D funding, and milestone payments of up to 430 million euros.
“We are very pleased that Staten, a company that we co-founded and built together with our sister-fund BGV, has been able to attract Novo Nordisk as a corporate partner in such a high-value transaction”, commented Sander van Deventer, Operating Partner at Forbion and Staten’s co-founder. “This partnership shows our ability to create leading companies in areas of unmet need, working with some of the same key people that have been successful with previous Forbion portfolio companies, like Dezima Pharma.”
Dr Hilde Steineger, CEO of Staten Biotechnology said: “Novo Nordisk is joining forces with us at an exciting time, with our lead compound moving towards its first clinical trial, aiming to address the residual cardiovascular risk in patients with hypertriglyceridaemia. This partnership provides us not only with a knowledgeable development partner but also with a funding structure that allows founders, management and investors to accelerate development.”
Marcus Schindler, Senior Vice President, Global Drug Discovery in Novo Nordisk added: “Our partnership with Staten Biotechnology is a key step in executing our strategic priority to expand into cardiovascular diseases. Hypertriglyceridaemia is a serious risk factor for cardiovascular disease and is often present in people with diabetes and obesity. Staten Biotechnology has developed STT-5058, a new promising concept validated by human genetics, for the treatment of hypertriglyceridaemia. Combining Staten’s know-how on STT-5058, the scientific excellence of the company’s executive team and founders, with Novo Nordisk experience in drug development and commercialization, the project holds the potential to make a real difference for people suffering from cardiovascular disease.”
Under the exclusive option agreement, Novo Nordisk has the right to acquire Staten Biotechnology and gain worldwide rights to STT-5058.
Forbion is a dedicated life sciences venture capital firm with offices in The Netherlands and Germany. Forbion invests in life sciences companies that are active in the (bio-) pharmaceutical space. Forbion’s investment team has built an impressive performance track record since the late nineties with successful investments in over 55 companies. Forbion manages well over EUR 1 billion across ten funds. Forbion is a signatory to the United Nations Principles for Responsible Investment. Besides financial objectives, Forbion selects investments that will positively affect health and well-being of patients. Its investors include the EIF, through its European Recovery Programme (ERP), LfA, Dutch Venture Initiative (DVI) facilities and AMUF facilities and the KFW through the ERP – Venture Capital Fondsfinanzierung facility. Forbion operates a joint venture with BGV, the manager of seed and early stage funds focused on Benelux and Germany. For more information, please visit: www.forbion.com.
About Staten Biotechnology
Staten Biotechnology develops novel and innovative strategies for the treatment of dyslipidemia, with a focus on hypertriglyceridaemia treatment. With a unique approach towards neutralizing ApoC3, a key molecule in dyslipidaemia management, Staten Biotechnology is developing STT-5058, a humanized, monoclonal antibody, licensed from its co-development partner argenx (Euronext & Nasdaq: ARGX). This “recycling” antibody with extended half-life is expected to lower triglyceride levels and increase clearance of ApoC3-containing atherogenic particles. Multiple studies have identified ApoC3 levels to be inversely associated with a favourable lipid profile and insulin resistance, both key components in managing residual cardiovascular risk. BioGeneration Ventures (BGV) provided the company’s seed financing in 2014 and Forbion led the Series A round in 2015, as the sole new investor. Staten is a prime example of Forbion’s and BGV’s company building activities, growing great scientific ideas into promising companies. For more information, please visit: www.statenbiotech.com.
About Novo Nordisk
Novo Nordisk is a global healthcare company with 95 years of innovation and leadership in diabetes care. This heritage has given Novo Nordisk experience and capabilities that also enable Novo Nordisk to help people defeat obesity, haemophilia, growth disorders and other serious chronic diseases. Headquartered in Denmark, Novo Nordisk employs approximately 43,200 people in 79 countries and markets its products in more than 170 countries. For more information, please visit www.novonordisk.com, Facebook, Twitter, LinkedIn, YouTube.
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KEYWORD: EUROPE NETHERLANDS GERMANY
INDUSTRY KEYWORD: HEALTH BIOTECHNOLOGY PHARMACEUTICAL DIABETES
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PUB: 12/17/2018 02:30 AM/DISC: 12/17/2018 02:31 AM