UK-based biopharmaceutical company Syntaxin signed a strategic collaboration agreement with France-based biotechnology corporation Ipsen on Thursday to discover and develop new compounds focused on botulinum toxins.
The agreement involves Ipsen paying Syntaxin an undisclosed technology access fee upfront and up to $9m in milestone payments over the first three years of the collaboration. Commercial milestones and royalties for Syntaxin could potentially top $90m.
Ipsen was among Syntaxin’s series C investors when Syntaxin closed its series C round in November 2010, having raised £18m ($28.7m). Ipsen was joined in the round by backers including SR One, the corporate venturing unit for healthcare conglomerate GlaxoSmithKline and Johnson & Johnson Development Corporation (JJDC), which performs the same service for the US-based healthcare firm.
Both SR One and JJDC previously contributed to Syntaxin’s $32m series B round in October 2007. Prior to yesterday’s agreement with Ipsen, Syntaxin had raised more than $70m in funding altogether.
Claude Bertrand, chief scientific officer for Ipsen, said: "We are delighted to reinforce our collaboration with Syntaxin, an expert company in the field of botulinum toxins. In line with the strategy announced in June, Ipsen is investing to remain on the cutting edge of innovation in the botulinum toxin space. Syntaxin and Ipsen, through their synergistic expertise, are well positioned to become pioneers in the development and commercialization of new botulinum toxins."
Ipsen currently owns 0.8% ordinary shares of Syntaxin and 8.9% preferred shares on a fully-diluted basis.