Biogen Buys Acute Ischemic Stroke Candidate For One-Time Payment Of $18M - Biogen (NASDAQ:BIIB)

Biogen Inc BIIB has exercised its option to acquire TMS-007, an investigational drug for acute ischemic stroke, from TMS Co Ltd for a one-time $18 million payment.
TMS is eligible to receive up to an additional $335 million in potential milestone payments, as well as tiered royalties in the high single digits to sub-teen percentages on annual worldwide net sales.
Biogen will be solely responsible for the costs and expenses related to the development, manufacturing, and commercialization of TMS-007 following the acquisition.
Biogen's decision to acquire TMS-007 was based on positive data from a Phase 2a study.
The study met its primary safety objective with no incidence of symptomatic intracranial hemorrhage (sICH). It demonstrated positive impacts on both blood vessel reopening in the brain and patient functional recovery.
In addition, TMS-007 demonstrated a significant improvement on the secondary endpoint of functional independence at 90 days, with 40% of patients who received TMS-007 achieving scores of 0 or 1 on a measure of independence in daily living, compared to 18% of patients who received placebo.
The recanalization rate was 58.3% for patients who received TMS-007 compared to 26.7% for patients who received placebo.
Final data results from the Phase 2a study are expected to be communicated at a future scientific forum.
Price Action: BIIB shares are trading 0.57% higher at $279.97 on the last check Wednesday.