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XOMA Corporation, a renowned player in the biotechnology industry, has recently expanded its asset collection. The company has announced the acquisition of royalty and milestone rights related to two promising therapeutic assets from LadRx Corporation. The acquired assets include arimoclomol, a potential therapy for Niemann-Pick disease type C (NPC), and aldoxorubicin, a probable treatment for pancreatic cancer and soft tissue sarcoma.
Overview of the Acquired Assets
Arimoclomol: A Beacon of Hope for Niemann-Pick Disease Type C
Arimoclomol, an oral therapeutic, is a first-of-its-kind investigational therapy designed for the treatment of NPC. This ultra-rare, genetic disorder is characterized by a progressive neurodegenerative course.
The therapy has successfully completed a multinational, placebo-controlled, randomized phase 2/3 program. It has also received Orphan Drug Designation for NPC treatment from regulatory authorities in the U.S. and EU. Moreover, the U.S. Food and Drug Administration (FDA) has granted it Fast-Track Designation, Breakthrough Therapy Designation, and Rare Pediatric Disease Designation.
Zevra Therapeutics, the company overseeing the development of arimoclomol, has announced its intention to file a New Drug Application for the drug as early as the third quarter of 20231.
Aldoxorubicin: A Potential Breakthrough for Pancreatic Cancer and Soft Tissue Sarcoma
The second asset in the acquisition, aldoxorubicin, is an albumin-linked formulation of doxorubicin. Currently in its Phase 2 program, it's being developed by ImmunityBio as a potential therapy for pancreatic cancer. The FDA has granted aldoxorubicin Orphan Drug Designation for the treatment of soft tissue sarcoma.
The Significance of the Acquisition
The acquisition of these assets aligns with XOMA's strategy of targeting assets that have the potential to set new standards of care for patients while driving cashflow generation for its shareholders.
"This is a notable acquisition of the economics associated with a therapy that has the potential to address a significant unmet need in a devastating disease," stated Owen Hughes, Executive Chairman of XOMA.
NPC is a rare genetic disorder that can lead to vision and hearing loss, impairment of walking and swallowing abilities, and premature death. In the United States, there are currently no approved treatments for NPC, and more than 150 patients are receiving arimoclomol therapy via expanded access.
"We provided a non-dilutive capital solution to LadRx, which had been exploring strategic alternatives. LadRx can now advance an internal pipeline of new therapeutics to treat patients with high unmet needs." stated Brad Sitko, Chief Investment Officer at XOMA.
Terms of the Agreement
Under the agreement, XOMA will receive a mid-single digit royalty on arimoclomol's commercial sales upon approval and up to $52.6 million, net, in potential milestone payments. If aldoxorubicin is approved for marketing, XOMA will receive a mid-single-digit to mid-teens royalty rate on aldoxorubicin commercial sales, depending on the indication, in addition to potential milestone payments of up to $343 million in development and commercial milestones. LadRx will be entitled to receive up to $6 million in certain pre-specified milestones associated with arimoclomol and aldoxorubicin. XOMA acquired these royalty and milestone interests for $5 million.
About XOMA Corporation
XOMA is a biotechnology royalty aggregator playing a distinctive role in aiding biotech firms in their mission to improve human health. The company acquires the potential future economic benefits associated with pre-commercial therapeutic candidates licensed to pharmaceutical or biotech companies.
When XOMA acquires these future economics, the seller receives non-dilutive, non-recourse funding that can be used to advance their internal drug candidate(s) or for general corporate purposes. The company has an extensive and growing portfolio with more than 70 assets.
For more information about the company and its portfolio, please visit www.xoma.com.
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