Eleven Biotherapeutics, Inc. and Albumedix announced that Eleven and Albumedix have entered into an agreement that will see Albumedix acquire Eleven’s proprietary Supermin albumin variant assets.
Albumedix is a world leader in albumin engineering and protein manufacturing and has a growing albumin-based drug formulation and delivery business working with pharmaceutical and biotechnology companies worldwide. Using its AMP-Rx platform, Eleven has developed recombinant albumin variants to extend the systemic concentrations of drugs beyond what can be obtained from natural albumin. Eleven’s albumin technology will complement Albumedix’s proprietary drug delivery platform, Veltis, extending the array of technologies available for use by clients developing drugs with longer duration of systemic exposure.
Commenting on the agreement, Peter Rosholm, VP of Albumedix said, “Albumedix has a credible track record in the innovation and supply of commercial recombinant albumin. The acquisition of Eleven's exciting albumin platform, which will be incorporated within our proven Veltis technology portfolio, will strengthen our existing offering and mean we are able to provide customers with an even more comprehensive solution to improve the therapeutic impact of their products.”
“We are very pleased that Albumedix, a global leader in protein manufacturing, will be seeking to commercialize our technology to the market, with Eleven still retaining the right to license the technology for our own research,” said Abbie Celniker, Ph.D., president and CEO of Eleven Biotherapeutics. “We look forward to efforts by Albumedix in helping other leading companies to apply this technology to enhance the product profile of drugs for the treatment of unmet medical needs.”
The deal between Albumedix and Eleven Biotherapeutics was completed on December 4, 2015. The terms of the agreement are not disclosed but under the agreement, Albumedix will pay Eleven an upfront fee as well as a share of commercialisation income.