Forbion announced its portfolio company Staten Biotechnology and Novo Nordisk have entered into a collaboration and exclusive option agreement to develop novel therapeutics for the treatment of hypertriglyceridaemia.
Under the terms of the agreement, Novo Nordisk will provide R&D funding and support for Staten to develop its lead asset STT-5058 for treatment of dyslipidaemia. Staten Biotechnology and its shareholders are entitled to receive signing and exercise fees, R&D funding, and milestone payments of up to 430 million euros.
“We are very pleased that Staten, a company that we co-founded and built together with our sister-fund BGV, has been able to attract Novo Nordisk as a corporate partner in such a high-value transaction,” said Sander van Deventer, Operating Partner at Forbion and Staten’s co-founder. “This partnership shows our ability to create leading companies in areas of unmet need, working with some of the same key people that have been successful with previous Forbion portfolio companies, like Dezima Pharma.”
“Novo Nordisk is joining forces with us at an exciting time, with our lead compound moving towards its first clinical trial, aiming to address the residual cardiovascular risk in patients with hypertriglyceridaemia,” Dr. Hilde Steineger, CEO of Staten Biotechnology said. “This partnership provides us not only with a knowledgeable development partner but also with a funding structure that allows founders, management and investors to accelerate development.”
Under the exclusive option agreement, Novo Nordisk has the right to acquire Staten Biotechnology and gain worldwide rights to STT-5058.