23 May 2024
Roquefort Therapeutics
plc
("Roquefort Therapeutics" or the "Company")
Midkine Antibody Licencing
Deal
Roquefort Therapeutics plc (LSE:ROQ,
OTCQB:ROQAF), the Main Market listed biotech company focused
on developing first in class medicines in
the high value and high growth immuno-oncology market
is pleased to announce the
signing of a term sheet for the out-licensing of its Midkine
antibody portfolio to PDC FZ-LLC ("PDC"), a leading MEA
pharmaceutical research and development organisation. PDC has
a track record of successfully conducting over 150 clinical
trials.
Midkine Out-Licensing Transaction
Roquefort Therapeutics has signed a
term sheet to grant an exclusive worldwide license for its Midkine
antibody portfolio to PDC FZ-LLC, part of the PDC group. This is a
strategic out-licencing deal in which Roquefort Therapeutics
receives $10M total initial consideration value and a guaranteed
share of the trade sale proceeds on successful completion of Phase
1 clinical trials. PDC will develop one or more of the Midkine
antibodies within a new Special Purpose Vehicle ("SPV") to complete
the Phase 1 clinical trial and then seek a trade sale of the SPV.
The term sheet is non-binding, except for certain provisions
including exclusivity to 31 December 2024. Completion of the
transaction is subject to due diligence and the negotiation of a
definitive licence agreement.
A summary of the agreed commercial
terms in the term sheet are listed below:
·
Initial consideration value of US$10 million,
which includes non-dilutive equity in the SPV;
·
Exclusive worldwide licence granted to the SPV for
20 years;
·
Within 3 years, PDC to develop at least one of the
Midkine antibodies within the SPV to the completion of a Phase 1
trial and then, upon success, to complete a trade sale of the SPV;
and
·
Roquefort Therapeutics will receive circa 24% from
any successful trade sale proceeds, which if the Phase 1 trial is
successful, this 24% is projected to be worth up to US$50M (gross)
based on similar phase 1 trade sales.
Roquefort Therapeutics is now
working with PDC to complete due diligence and has commenced the
drafting of the definitive licence agreement. Further updates will
be provided by the Company as this progresses and becomes
binding.
Ajan Reginald, Roquefort Therapeutics CEO
commented:
"We are pleased to announce this therapeutic licencing deal
with an initial payment which is likely to include $1.25-2.5M
upfront and a 24% share of what is substantial potential upside.
PDC is a great partner with a strong track record of completing
clinical trials and we are confident they will accelerate
development of the Midkine antibodies into the clinic. Upon a
successful Phase 1 exit, this would create significant returns to
the SPV shareholders. We believe this is a good deal for all
parties and it validates our business model and highlights our deal
making capabilities. We expect to conclude this licensing agreement
as soon as possible.
In
the meantime, we remain focused on completing the other licencing
deals that we are negotiating and look forward to updating the
market in due course."
Mohamed Mostafa, CEO of PDC commented:
"PDC is the leading clinical trial organisation in the MEA
region with an excellent track record of completing clinical
trials. To date we have successfully completed more than 150
clinical trials with leading Big Pharma and Biotech companies. We
are encouraged by the Midkine preclinical data from Roquefort
Therapeutics and are delighted to license these Midkine antibodies
and are confident in our ability to successfully complete the Phase
1 trials which should lead to a trade sale with significant value
upside."
ENDS
Enquiries:
Roquefort Therapeutics plc
|
Stephen West (Chairman) / Ajan
Reginald (CEO)
|
+44 (0)20
3918 8633
|
Hybridan LLP (Joint Broker)
Claire Louise Noyce
Optiva Securities Limited (Joint Broker)
|
+44 (0)203
764 2341
|
Vishal Balasingham / Daniel
Ingram
Buchanan (Public Relations)
Ben Romney / Jamie Hooper / George
Beale
|
+44 (0)20
3411 1881
+44 (0)20
7466 5000
|
LEI: 254900P4SISIWOR9RH34
About
PDC
PDC was founded in 2011 and provides a full-service end-to-end
innovative solution for Phase I to IV clinical trials and RWE
studies in the Middle East and Africa region. PDC offers direct
access to 30+ MEA countries, in line with global standards and
local cultures and regulations. PDC's international experience, as
well as proven track record of more than 150 successful clinical
trials since 2011 provides the assurance that PDC is a reliable
partner for clinical development.
https://pdc-cro.com/
About Roquefort
Therapeutics
Roquefort Therapeutics (LSE:ROQ,
OTCQB:ROQAF) is a Main Market listed biotech company developing
first in class drugs in the high value and high growth oncology
segment prior to partnering or selling to big pharma.
Roquefort Therapeutics' portfolio
consists of five novel patent-protected pre-clinical anti-cancer
medicines. The highly complementary profile of five
best-in-class medicines consists of:
·
Midkine antibodies with
significant in
vivo efficacy and toxicology studies;
·
Midkine RNA therapeutics with novel anti-cancer
gene editing action;
·
Midkine mRNA therapeutics with novel anti-cancer
approach;
·
STAT-6 siRNA therapeutics targeting solid tumours
with significant in
vivo efficacy; and
·
MK cell therapy with direct and NK cell-mediated
anti-cancer action
For further information on Roquefort
Therapeutics, please visit www.roquefortplc.com and @RoquefortTherap on
X (formerly Twitter).