BY Fraser Tennant
Adding the latest advances in ion-channel modulation to its growing neuroscience portfolio, US neuroscience drug developer Biohaven Pharmaceutical Holding Company Ltd has acquired Channel Biosciences, LLC, a subsidiary of Knopp Biosciences LLC and its Kv7 channel targeting platform, in a deal valued at $1.24bn.
Under the terms of the definitive agreement, Biohaven will make an upfront payment comprised of $65m in Biohaven common shares and $35m in cash to Knopp Biosciences. Biohaven has also agreed to make additional success-based earnout payments.
The Kv7 platform – which provides for the treatment of epilepsy and other neurologic disorders – has been developed and refined for over a decade by a team with deep experience in ion-channel science led by Michael Bozik, chief executive of Channel Biosciences and Knopp Biosciences, and Steven Dworetzky, chief scientific officer at Knopp Biosciences.
Moreover, the acquisition of the Kv7 platform, along with lead asset BHV-7000, demonstrates Biohaven's continued commitment to neurology and to meeting the unmet needs of these patients. Biohaven intends to bring BHV-7000 to the clinic in 2022, with focal epilepsy as the lead indication for development.
According to the World Health Organization, epilepsy is the fourth most common neurological disorder, affecting more than 50 million people worldwide.
"Kv7 modulators have demonstrated clear efficacy in the clinic but have been limited by off-target effects,” said Mr Bozik. “Our team has developed a portfolio of what we believe are potentially best-in-class Kv7 modulators to deliver novel therapies across several different indications.
“We are proud that Biohaven recognises the potential of this platform,” he continued. “Biohaven was the clear partner of choice, given their demonstrated leadership in neurology and excellence in both developing and commercialising paradigm-shifting treatments for patients."
Upon completion of the transaction, members of Channel Biosciences' scientific team will join Biohaven, adding world-leading ion-channel scientists and driving its mission for bringing novel medicines to patients facing neurologic and neuropsychiatric diseases.
Mr Dworetsky concluded: “We are excited to join Biohaven to accelerate clinical development of BHV-7000 and other drug candidates from our ion channel platform."
News: Biohaven Inks Up To $1.24B Deal For Epilepsy Drug Biz - Law360