Biotie: UCB to license worldwide rights to tozadenant in Parkinson's disease from Biotie

BIOTIE THERAPIES CORP. STOCK EXCHANGE RELEASE 26 February 2013 at 7:00 p.m.

Biotie: UCB to license worldwide rights to tozadenant in Parkinson`s disease from Biotie

Novel product in development for the treatment of people living with Parkinson`s disease

Biotie receives USD 20 million license fee payment

Original agreement modified: Biotie to conduct phase 3 development

Biotie and UCB announced today that UCB has licensed worldwide exclusive rights to Biotie`s tozadenant (SYN115), a selective inhibitor of the adenosine 2a receptor, currently in development for the treatment of Parkinson`s disease. As a result, Biotie will receive a one-time fee payment of USD 20 million from UCB. In addition, the parties have amended their original license agreement, such that Biotie will now conduct phase 3 development of tozadenant in return for additional payments from UCB relating to defined development, regulatory and commercialization milestones.

"UCB is committed to improving the lives of people with Parkinson`s disease and currently provides Neupro a transdermal dopamine agonist for the symptomatic treatment of all stages of idiopathic Parkinson`s disease," said Professor Dr Iris Loew-Friedrich, Chief Medical Officer and Executive Vice President UCB. "Biotie is a valuable partner and the decision to in-license follows the positive top-line results of the phase 2b study. We were impressed by the performance of Biotie and decided that they are the ideal party to continue to spearhead the development of tozadenant. We look forward to collaborating with Biotie in the on-going clinical development. With the addition of the novel compound tozadenant to UCB`s development portfolio we should be able to further contribute to the advancement of the treatment and care for people living with Parkinson`s disease."

The phase 2b study was a double-blind, randomized, placebo-controlled study evaluating the safety and efficacy of tozadenant as adjunctive therapy in levodopa-treated Parkinson`s patients with end of dose wearing off. Results from the phase 2b study are expected to be presented at upcoming medical conferences and in scientific publications. Patient enrollment in the phase 3 program is currently planned to commence by the first half of 2015.

The original agreement between UCB and Biotie was announced in 2010. Under the terms of the original agreement UCB will make an immediate one-time payment of USD 20 million to Biotie and Biotie will remain eligible to a potential additional USD 340 million in future milestone payments. Under the revised agreement, Biotie will be eligible for additional payments in the low triple digit millions in total over the next six years based on the successful completion of defined development, regulatory and commercialization milestones. Further financial details of the agreement are not disclosed. UCB and Biotie will collaborate on the on-going clinical development and UCB will be responsible for the manufacture and commercialization of tozadenant.

"We are thrilled with the opportunity to continue the development of tozadenant in partnership with UCB", said Timo Veromaa, President and Chief Executive Officer of Biotie. "We are encouraged by the vote of confidence provided to us by UCB to continue with us the development of tozadenant and the very significant incremental financial resources that we will be given to complete the clinical work."

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Biotie: UCB to license worldwide rights to tozadenant in Parkinson's disease from Biotie