Biotech Values

[DewDiligence]

AGN licenses Tavilermide—a dry-eye drug in phase-3—from (private) Mimetogen Pharmaceuticals:

http://finance.yahoo.com/news/allergan-enters-licensing-agreement-mimetogen-110000842.html

Allergan plc…today announced that its wholly owned subsidiary has entered into an exclusive licensing agreement with Mimetogen Pharmaceuticals…to develop and commercialize tavilermide (MIM-D3), a topical formulation of a novel small molecule TrkA agonist for the treatment of dry eye disease.

Under the terms of the agreement, Allergan will make an upfront payment of $50 million to Mimetogen and will fund phase 3 development of tavilermide. Mimetogen will additionally be entitled to receive potential milestone payments and royalties based on commercialization of the product.

Tavilermide is a small cyclic peptidomimetic of NGF, a naturally occurring protein in the eye responsible for the maintenance of corneal nerves and epithelium. Tavilermide is differentiated from other investigational therapies in dry eye disease because it induces the production of mucin, a naturally occurring component of the tear film, and works upstream prior to inflammation.

…In a previously announced Phase 2 trial (Study Designation MIM-725) tavilermide demonstrated significant improvements in both signs and symptoms with 1% tavilermide versus placebo, together with strong safety, comfort and tolerability profiles. Tavilermide is currently being evaluated in two multi-center Phase 3 clinical studies in the United States for the treatment of dry eye disease.

Between today’s Mimetogen deal and the Oculeve deal announced in August (#msg-116097052), AGN is pushing hard in dry-eye. The reason is clear: Restasis, AGN’s second-biggest drug (behind Botox), could soon have generic competition.