EDMONTON - Canadian drug developer Isotechnika Inc. says Swiss drug giant Roche has given up its rights to license the Edmonton company's voclosporin drug for solid organ transplants.
Isotechnika said it's disappointed about Roche's different priorities and plans to seek other potential licensing partners for voclosporin for use in transplant and autoimmune system treatment.
The announcement by Isotechnika late Monday came several hours after Roche offered US$43.7 billion for the remaining shares of its U.S. biotech partner Genentech Inc. in a move to boost its stature in the market for drugs to fight cancer and other diseases.
"Adding transplant to the list of available indications will greatly strengthen our position and improve the attractiveness of the opportunity to potential partners," said Dr. Robert Foster, Isotechnika's chairman and CEO.
"While we are disappointed about Roche's different priorities, we feel that this represents the first time since 2002 that we can offer a more comprehensive licensing package including both transplant and autoimmune indications to a focused and strong global partner."
Voclosporin recently completed a Phase 2b North American trial for the prevention of kidney rejection following transplants. The drug is also being tested on other ailments.
Roche already owns 55.9 per cent of South San Francisco, Calif.-based Genentech, whose anti-cancer drug Avastin is widely prescribed. Roche said it was offering $89 per share, or 8.8 per cent above the closing price Friday and 19 per cent above the price a month ago, for the rest of Genentec
Roche said its earlier investment in Genentech had helped the biotechnology company focus on innovation and long-term projects, "leading to some of the most important breakthroughs in the treatment of cancer and other life-threatening diseases."
Roche co-develops and markets Genentech products outside North America.
It said the takeover would "accelerate the search for new solutions for unmet medical needs."
