Australia's CSL Limited has entered into an agreement with privately held Dutch biotech company, VarmX BV, to develop a new treatment to restore blood coagulation in patients taking a FXa inhibitor.
More than 20 million patients globally take FXa inhibitors as chronic anticoagulation therapy, with approximately 3 per cent of these patients experiencing severe bleeding or requiring urgent surgery.
VarmX’s asset, VMX-C001, is a potentially first-in-class recombinant Factor X protein administered as a rapid single-dose, intended to bypass FXa anticoagulation activity and restore coagulation in patients experiencing severe bleeding or requiring urgent surgery.
Under the terms of the collaboration agreement, CSL will fund VarmX’s global Phase 3 trial evaluating VMX-C001 in patients taking Factor Xa inhibitors. CSL will also support late-stage product development, manufacturing and pre-launch commercial and medical affairs activities.
CSL will make an upfront payment to VarmX shareholders of $117 million upon closing of the transaction for an exclusive option to acquire the company. CSL will have the right to exercise the option upon Phase 3 data. Subject to the achievement of certain milestones, following the exercise of the option and customary regulatory clearances, VarmX shareholders will receive a further $388 million in acquisition and additional payments up to the commercial launch of VMX-C001 and up to $1.7 billion in sales-based success milestones thereafter. Commercial launch is anticipated in 2029.
