Medigene secures SynCore as global partner for EndoTAG-1
German biotech firm Medigene (MDG: GR) has secured SynCore Biotechnology (part of Taiwan’s Sinphar Pharmaceutical Group) as a strategic (6%) investor and now global partner for EndoTAG-1, an extension of its July 2012 deal for Asian rights to the compound. A global Phase III study of EndoTAG-1 in triple negative breast cancer is expected to start in first-half 2014.
The deal removes prior uncertainty over EndoTAG’s future, say analysts at Edison Investment Research, who have raised their probability of success for EndoTAG-1 from 35% to 50%. Adding the 2.4 million euros ($3.0 million) upfront from SynCore’s purchase of 2.4 million new MediGene shares, their overall valuation increases to 85 million euros, or 2.15 euros per share.
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