April 15, 2008
LICR’s First Spin-off Company Acquired by Roche
(New York, April 15th) — PIramed, the first spin-off company from the Ludwig Institute for Cancer Research, was today acquired by the pharmaceutical company, Roche. PIramed was formed in 2003 to exploit inhibitors targeting the PI-3 kinase family of enzymes. The inhibitors - and most of the PI-3 kinases - were first characterized by a group led by the Founding Director of the LICR London Branch, Michael D. Waterfield, F.R.S.
Piramed has two major research programs targeting PI3-K-alpha in oncology and PI3K-delta in inflammatory disease. The PI3-K-alpha program has a compound in phase I of clinical development and is currently being developed in collaboration with Genentech. The PI3-K-delta inhibitor is in pre-clinical stage, and will be integrated into the Roche Group’s inflammatory R&D portfolio.
PIramed was formed in conjunction with Cancer Research UK and the Institute of Cancer Research, both in London, UK. Under the terms of the agreement, Roche will acquire 100% of Piramed’s shares for USD 160 million, plus a milestone payment of USD 15 million, which is due upon the commencement of phase II clinical trials for the company’s oncology program.