TIDMIPO
RNS Number : 2987B
IP Group PLC
07 October 2020
FOR RELEASE ON 07 October 2020
THIS ANNOUNCEMENT CONSTITUTES INSIDE INFORMATION AS STIPULATED
UNDER THE MARKET ABUSE REGULATION (EU) NO.596/2014.
IP Group plc - Portfolio company Enterprise Therapeutics'
TMEM16A potentiator program for treatment of cystic fibrosis &
other respiratory diseases acquired by Roche
-- IP Group's cash realisations for the year now total GBP183.9m
IP Group plc (LSE: IPO) ("IP Group" or "the Group"), the
developer of intellectual property-based businesses, is delighted
to note that portfolio company Enterprise Therapeutics Ltd
("Enterprise" or "the Company") has announced that its novel
TMEM16A potentiator portfolio has been acquired by Roche and will
be developed by Genentech, a member of the Roche Group.
In connection with the transaction, Enterprise's shareholders
received an upfront payment of GBP75 million, and are eligible to
receive additional contingent payments, to be made based on the
achievement of certain predetermined milestones. As a result of
this transaction, IP Group's cash realisations for the year to date
now total GBP183.9 million, 2.3 times greater than the GBP79.5
million recorded for the whole of 2019.
Following completion of the transaction, the Group has an
undiluted beneficial shareholding of 21.7% in Enterprise. At 30
June 2020, the Group's shareholding in Enterprise was valued at
GBP9.0 million. The Group's directors anticipate the transaction
will result in a fair value gain and are currently reviewing the
carrying value of Enterprise, which will be confirmed no later than
the 2020 Annual Results.
Enterprise is a biopharmaceutical company dedicated to the
discovery and development of novel therapies to improve the lives
of patients suffering with respiratory disease. The TMEM16A
portfolio includes ETD002, which recently entered Phase 1 trials,
and is focused toward treating all people with cystic fibrosis (CF)
with potential to benefit people with other severe respiratory
diseases characterised by excessive mucus congestion. Following
acquisition of the TMEM16A portfolio, Enterprise will continue to
develop its remaining lead respiratory program, the ENaC blocker
ETD001.
The full announcement follows.
For more information, please contact:
IP Group plc www.ipgroupplc.com
+44 (0) 20 7444 0050
Greg Smith, Chief Financial Officer +44 (0) 20 7444 0062/+44 (0)
Liz Vaughan-Adams, Communications 7979 853802
Charlotte Street Partners
David Gaffney +44 (0) 7854 609998
Andrew Wilson +44 (0) 7810 636995
Notes for editors
About IP Group
IP Group is a leading intellectual property commercialisation
company which focuses on evolving great ideas, mainly from its
partner universities, into world-changing businesses. The Group has
pioneered a unique approach to developing these ideas and the
resulting businesses by providing access to business building
expertise, capital (through its 100%-owned FCA-authorised
subsidiaries IP Capital and Parkwalk Advisors), networks,
recruitment and business support. IP Group has a strong track
record of success and its portfolio comprises holdings in
early-stage to mature businesses across life sciences and
technology. IP Group is listed on the Main Market of the London
Stock Exchange under the code IPO.
Group holdings in portfolio companies reflect the undiluted
beneficial equity interest excluding debt, unless otherwise
explicitly stated.
For more information, please visit our website at
www.ipgroupplc.com .
ENDS
Enterprise Therapeutics' First-in-Class TMEM16A potentiator
program for treatment of cystic fibrosis and other respiratory
diseases acquired by Roche
-- Enterprise's novel TMEM16A potentiator portfolio includ es
ETD002, a first in class compound which is currently in Phase 1
-- TMEM16A potentiation is a novel therapeutic approach
applicable to all cystic fibrosis patients, independent of CFTR
genotype, and may provide benefit in other respiratory diseases
-- Enterprise's shareholders received an upfront payment of GBP75 million
Brighton, UK, 07 October 2020: Enterprise Therapeutics Ltd
(Enterprise), a biopharmaceutical company dedicated to the
discovery and development of novel therapies to improve the lives
of patients suffering with respiratory disease, today announced its
novel TMEM16A potentiator portfolio has been fully acquired by
Roche and will be developed by Genentech, a member of the Roche
Group. The portfolio includes ETD002 which recently entered Phase 1
trials.
Enterprise's shareholders received an upfront payment of GBP75
million and are eligible to receive additional contingent payments,
to be made based on the achievement of certain predetermined
milestones.
The TMEM16A portfolio is focused toward treating all people with
cystic fibrosis (CF), with potential to benefit people with other
severe respiratory diseases characterised by excessive mucus
congestion.
Dr John Ford, CEO, Enterprise Therapeutics, said: "Roche and
Genentech have a proven track record of bringing new medicines to
people with respiratory diseases, and have recognised the
opportunity that our TMEM16A potentiator portfolio presents. I am
very proud of the team at Enterprise for identifying and developing
this innovative approach to treat patients, with ETD002 the first
of our compounds to reach clinical stage. TMEM16A potentiation has
the potential to significantly increase the quality of life for
people living with cystic fibrosis, for many of whom existing
therapies are not effective."
Dr James Sabry, MD, PhD, Global Head of Pharma Partnering,
Roche, commented: "We are excited to add Enterprise's TMEM16A
potentiator program to our existing respiratory portfolio. We have
deep capabilities in this area and look forward to a robust program
focused on helping cystic fibrosis patients and patients suffering
from other muco-obstructive disorders as quickly as possible."
CF is estimated to affect 75,000 people globally. One of the
main causes of difficulty in breathing and increased risk of
infection is mucus congestion in the lungs. The ETD002 compound
targets the underlying mechanisms of mucus congestion, and is
expected to restore lung function, reduce the frequency of lung
infections and improve patient quality of life. CF is caused by
loss of function mutations in the Cystic Fibrosis Transmembrane
conductance Regulator (CFTR) gene, that normally produces an anion
channel highly expressed by the airway epithelium. Increasing anion
conductance via CFTR modulation is a clinically validated approach
for treating CF, however it is not currently available or effective
for all people with CF.
In pre-clinical models, Enterprise has demonstrated that ETD002
enhances the activity of TMEM16A, an alternative anion channel
present in airway epithelial cells, and by doing so increases anion
and fluid flow into the airways, thinning the mucus and increasing
its clearance. As TMEM16A potentiation is independent of the
mutational status of CFTR, this makes the approach potentially
applicable to all people with CF, and perhaps patients with non-CF
muco-obstructive lung disease.
Moelis acted as financial advisor and Goodwin Procter acted as
legal counsel to Enterprise Therapeutics.
ENDS
Notes for Editors
For further information please contact:
Katie Odgaard, Zyme Communications
Tel: +44 (0)7787 502 947
Email: katie.odgaard@zymecommunications
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Communications please email info@zymecommunications.com . To view
our privacy policy please click here.
About Enterprise Therapeutics www.enterprisetherapeutics.com
Enterprise Therapeutics is discovering and developing new
therapies that target the underlying mechanisms of mucus congestion
in the lungs, one of the main causes of difficulty in breathing and
increased risk of infection in respiratory diseases such as cystic
fibrosis and COPD. Reducing mucus congestion will reduce the
frequency of lung infections and improve quality of life.
The Company's novel muco-regulatory therapies target ion
channels TMEM16A and ENaC to increase the hydration and clearance
of mucus. Enterprise has also identified novel targets and
compounds that reduce mucus production, an approach that
complements mucus hydration therapies.
The Enterprise Therapeutics management team has significant
expertise in drug discovery, drug development, respiratory biology
and ion channel pharmacology. The Company is backed by leading life
science investors Epidarex Capital, Forbion, IP Group, Novartis
Venture Fund and Versant Ventures. In 2019 the company received
funding from the Cystic Fibrosis Foundation to advance TMEM16A
through to clinical proof of concept in CF.
About Cystic Fibrosis (CF)
Cystic fibrosis is a progressive, genetic disease that causes
persistent lung infections and limits the ability to breathe over
time. There are more than 75,000 patients living with the disease
worldwide and the average life expectancy of a person living with
CF, although improving, is approximately 40 years.
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END
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