Finnish drug developer Biotie Therapies has announced that it is paying $1 million for an exclusive option to acquire Neurelis, Inc., which is developing NRL-1, an intranasal diazepam formulation for the treatment of epilepsy. The FDA cleared the IND for NRL-1 in February 2012.
If Biotie exercises its option, it will pay $8.75 million for all outstanding shares of Neurelis, plus milestone payments for milestones related to NRL-1 and another product. The company says that the option extends until the beginning of pharmacokinetic studies of NRL-1 that are expected to begin within 12-18 months, but no later than December 3, 2014.
Biotie President and CEO Timo Veromaa said, “Our interest in Neurelis is in line with our ongoing portfolio review, which is focused on ensuring that we are developing products that address areas of significant unmet medical need and have the greatest potential for creating value for our shareholders. We are now in a position to assess the potential of NRL-1 alongside our internal pipeline opportunities. NRL-1 is an exciting late-stage product for the control of epileptic seizures. We believe the product could offer a far better solution for patients and their caregivers who currently rely on rectal administration of diazepam or visits to the emergency room to control debilitating episodes. Importantly, NRL-1 could also provide a much needed treatment option for those individuals who are not willing to use rectal administration, a particular issue in the United States.”
Read the Biotie press release.
