Inven2 strike major deal
Inven2 grants exclusive worldwide license to its epidermal growth factor receptor (EGFR) inhibitors patent portfolio to Merck. Researchers and clinicians at Sørlandet Hospital have discovered that the EGFR inhibitors may play a vital role as a pain reliever for so called neuropathic pain. This is a potential novel use of the growth factor inhibitor that up until now have been used in cancer treatment, stagging cancer growth.
Inven2 AS, the entity commercializing early stage inventions from the largest University and Hospitals in Norway, announced on November 22 2013, that an exclusive worldwide license agreement was signed with Merck for its patent portfolio related to a potential novel use of EGFR inhibitors in the treatment of neuropathic pain.
“We are encouraged with the progress of our ongoing exploratory clinical trials and are excited about further investigating EGFR inhibitors for this use,” says investigator Dr. Christian Kersten at Sørlandet Hospital.
One of Norways largest biotech deals
Under the agreement, Inven2 will get an upfront payment from Merck, and potentially receive a total of € 100 million in development milestones depending on the number of EGFR inhibitors being launched. In addition, Merck will pay Inven2 tiered royalties on net worldwide sales. In exchange, Merck will gain exclusive worldwide rights to develop and commercialize the portfolio. This means that this is one of the largest biotech deals ever made in Norway at this point.
“We believe that Merck is an ideal partner for us as they are clearly committed to take the lead position in the EGFR inhibitor drug class segment, and they have a profound knowledge of this area. This agreement validates the high potential the drug class has in new indications driven by their high unmet medical need,” said Ole Kristian Hjelstuen, CEO of Inven2
About Inven2 – Oslo Technology Transfer
Inven2 is the technology transfer office for the University of Oslo, Oslo University Hospitals and all hospitals in the South-East region of Norway. Inven2’s mission is to turn excellent science into products mainly in the field of life sciences.
The various institutions together, disclose around 200 unique inventions annually. In 2013, Inven2 is on plan to deliver 60 new patent filings, 35 license agreements, and 5 start-up companies. As of today Inven2 has a portfolio of 27 technology start-ups and a range of licensing agreements with the discovery of the biomarker NT-proBNP (Elecsys “Roche”) as the biggest commercial success at present.
Inven2’s other business area is clinical contract partnerships with the Oslo University Hospital and South-Eastern Health Municipal.
For more information, please visit www.inven2.com
Photo: The team of doctors at Sørlandet Hospital that have discovered the novel use of EGFR inhibitors, together with the life science team from Inven2 securing the deal with Merck.