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IP Group PLC - Enterprise Therapeutics' program acquired by Roche

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 £183.9m

 

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 £75 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 £183.9 million, 2.3 times greater than the £79.5 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 £9.0 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

Greg Smith, Chief Financial Officer
Liz Vaughan-Adams, Communications           

+44 (0) 20 7444 0050
+44 (0) 20 7444 0062/+44 (0) 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 includes 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 £75 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 £75 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: [email protected] 

 

To opt-out from receiving press releases from Zyme Communications please email [email protected]. 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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