Paratek Pharmaceuticals signs licence agreement over USD 485 million
Paratek Pharmaceuticals, a portfolio company of HBM BioVentures, announced that it has entered into a licence agreement with Novartis. Under the agreement, Novartis acquires the exclusive right to market the broad-spectrum antibiotic PTK 0796 worldwide, in return for which Paratek will receive up to USD 485 million in the form of an up-front payment and future milestone payments. Paratek will also receive a royalty on net sales of PTK 0796 around the world.
The broad-spectrum antibiotic PTK 0796, which can be administered once daily as an infusion or orally to treat various kinds of life-threatening infections, is in Phase 3 clinical trials. The cooperation agreement gives Paratek Pharmaceuticals an experienced partner for the continued development and marketing of PTK 0796. The two companies will share responsibility and costs for the further development of the product candidate.
HBM BioVentures has invested USD 6 million in Paratek Pharmaceuticals, a private company based in Boston (USA), over three financing rounds since 2001. In strict compliance with EVCA and IFRS valuation principles, the value of this investment in the books of HBM BioVentures will not be increased in spite of this positive news.
Other news from the department business & finance
