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|Vitae Pharmaceuticals and Boehringer Ingelheim Announce a Major Collaboration to Develop and Commercialize Novel Treatments for Diabetes and Metabolic Diseases|
Companies to advance 11beta-HSD1 inhibitors for diabetes and potentially other metabolic syndrome related indications
Fort Washington, Pennsylvania and Ingelheim, Germany – October 15, 2007– Boehringer Ingelheim and Vitae Pharmaceuticals, Inc., announced today that they have established a major collaboration to develop and commercialize 11beta-HSD1 inhibitors. Compounds which inhibit 11beta-HSD1, an enzyme involved in cortisol production, may have utility in the treatment of diabetes and metabolic syndrome related diseases, including obesity, dyslipidemia and hypertension. The companies will combine their respective 11beta-HSD1 programs and work together to identify and advance candidates for clinical development.
Under the terms of the collaboration agreement, Vitae will receive $36.5 million in upfront and near-term payments from Boehringer Ingelheim, comprising upfront cash, an equity investment in Vitae and researchfunding. In addition, Vitae will be eligible to receive up to $300 million milestone payments based on the achievement of development, regulatory and commercial program goals.
Further milestone payments may be achieved with additional compounds and/or additional approved indications. Vitae will receive royaltypayments from Boehringer Ingelheim on all potential future product sales. Further financial details were not disclosed.
Boehringer Ingelheim will lead development and commercialization of products. In addition, Vitae will have the right to develop products independently for certain indications.
“Diabetes is a rapidly growing concern worldwide, and the need for safe and effective medicines that will help diabetic patients has never been greater. Vitae has discovered and rapidly advanced novel, highly potent 11beta-HSD1 inhibitors in multiple series over the past 20 months using its unique structure-based drug design technology CONTOUR™,” said Jeffrey Hatfield, CEO of Vitae. “Our collaboration withBoehringer Ingelheim and its dynamic team of metabolic disease experts provides the resource and capabilities to drive this program into the clinic. Boehringer Ingelheim clearly shares our passion and excitement for this new therapeutic target, and we look forward to working together with the aim to deliver on the target’s full potential.”
Dr Andreas Barner, Vice-Chairman of the Board of Managing Directors and Head of Corporate Board Division Pharma Research, Development and Medicine of Boehringer Ingelheim, added, that “Boehringer Ingelheim looks forward to collaborate with Vitae to complement its own diabetes pipeline development activities by combining resources on this exciting target. We are using our overall expertise in metabolic research, drug development and commercialisation to strengthen our current metabolic portfolio and lead to advances for patients suffering fromthese serious debilitating diseases."
About 11beta HSD1 Inhibition
About Vitae Pharmaceuticals
In 2006, Boehringer Ingelheim posted net sales of 10.6 billion euro while spending one fifth of net sales in its largest business segment Prescription Medicines on research and development. For more information, please visit www.boehringer-ingelheim.com
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