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Altus reacquires European rights to ALTU-135
CAMBRIDGE, Mass.—Altus Pharmaceuticals Inc., a biopharmaceutical company focused on oral and injectable protein therapeutics for gastrointestinal and metabolic disorders, today announced that the company has reacquired from Dr. Falk Pharma the development and commercialization rights to ALTU-135 and ended their development and commercialization collaboration in Europe and countries of the former Soviet Union, Israel and Egypt. Altus' consistent and pure enzyme combination, ALTU-135, is designed to improve fat, protein and carbohydrate absorption in pancreatic-insufficient individuals, including cystic fibrosis patients.
Under the agreement, Altus regains control of all of the assets created in the collaboration. In addition, Dr. Falk Pharma has agreed to transfer the July 2004 Orphan Medicinal Product Designation granted to Dr. Falk Pharma by the EMEA (European Agency for the Evaluation of Medicinal Products). In exchange, Altus will pay Dr. Falk Pharma 12.0 million euros over three years.
"We believe that this agreement with Dr. Falk Pharma is in the best interest of our company," says Sheldon Berkle, president and CEO of Altus. "Altus now has the freedom to evaluate multiple strategic options for worldwide commercialization, including retaining full commercial rights worldwide or seeking a new commercial collaboration, with the ultimate goal of maximizing the value of our ALTU-135 assets."
In December 2002, Altus Pharmaceuticals and Dr. Falk Pharma entered into a development, commercialization and marketing agreement for ALTU-135 in Europe, the countries of the former Soviet Union, Israel and Egypt. Under the agreement, Altus granted Dr. Falk exclusive development and commercialization rights to ALTU-135 for the treatment of symptoms caused by exocrine pancreatic insufficiency.
To date, Altus has received upfront and milestone payments from Dr. Falk under the agreement totaling 11.0 million euros.