Janssen completes takeover of Corimmun
29 June 2012 08:50 in Pharmaceutical Company Restructures
Janssen has completed its acquisition of Corimmun, a privately held drug development company based in Germany.
The company paid an undisclosed fee to take control of Corimmun, with a further payment contingent on the achievement of certain clinical milestones.
By acquiring the firm, Janssen will also assume full development and global commercialisation responsibilities for its lead compound COR-1, a small cyclic peptide currently in early clinical development for the treatment of heart failure.
This promising new drug has been shown in preclinical studies to improve heart function by decreasing autoimmune beta 1 receptor-simulating antibody effects.
Dr Peter DiBattiste, global therapeutic area head for cardiovascular disease and metabolism at Janssen's research and development division, said: "This acquisition demonstrates Janssen's commitment to investing in innovative science in an area of great unmet medical need, where new therapies can improve the quality of patient care."
Earlier this week, the company welcomed news that Europe's Committee for Medical Products for Human Use has recommended the approval of a new subcutaneous version of its multiple myeloma therapy Velcade.
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