AstraZeneca Acquires All Rights to Orexo's OX-CLI Project

Orexo AB (publ) today announced that AstraZeneca AZN has decided to acquire all rights to the leukotriene C4 synthase inhibitor program (OX-CLI project) for MUSD 5. AstraZeneca established a collaboration with Orexo AB for OX-CLI in 2013 and maintained an option to acquire all rights in the program. As the program has advanced into pre-clinical development with an identified development compound (candidate drug), AstraZeneca has chosen to exercise this option. OX-CLI is directed to develop a novel treatment of respiratory disorders such as asthma and COPD. It is based on a new chemical entity (NCE) and AstraZeneca has been responsible for all research and development activities and investments since 2013. After the acquisition of the rights to OX-CLI, AstraZeneca will continue the drug development without further involvement of Orexo AB. In accordance to the option agreement from 2013, Orexo AB will receive a payment of MUSD 5 for the rights to OX-CLI. Future milestone payments can be expected when OX-CLI meets defined development and commercial objectives. In addition to the milestones Orexo will receive a tiered single digit royalty on future net-revenue associated to sales of products based on the OX-CLI program. Nikolaj Sørensen, CEO of Orexo AB, said: "I am pleased that AstraZeneca has decided to exercise the company's option to acquire this novel and innovative program. It is an important sign of confidence in OX-CLI, from one of the leading companies within respiratory diseases. We look forward to follow the continued product development of OX-CLI, which we believe has the potential to become an important new medication in the treatment of respiratory diseases." "Pushing the boundaries of science to transform disease management and improve asthma patient outcomes is central to our respiratory strategy, and the OX-CLI compounds could enable us to offer a completely new personalised treatment for patients whose condition is caused by the dysregulation of leukotrienes. I am particularly pleased to see this new collaboration come to fruition as it could help to further strengthen the Nordic Life Science eco-system," said Maarten Kraan, VP, RIA Innovative Medicines unit, AstraZeneca.