Trevena Inc. and Forest Laboratories Holding Limited, a subsidiary of Forest Laboratories Inc. (FRX), an international pharmaceutical company, announced that they have entered into a collaborative licensing option deal for the development of TRV027, an AT1R biased-ligand that recently completed Phase 2a clinical trials.
Trevena said it expects to commence a 500-patient multi-center Phase 2b clinical trial in acute decompensated heart failure or ADHF by year end.
Specific terms of the transaction were not disclosed but the agreement includes a $30 million equity investment by Forest in Trevena and the grant by Trevena to Forest Laboratories Holding of an option to exclusively license TRV027 on a worldwide basis following completion of the planned Phase 2b clinical trial which will be funded by Trevena.
The companies will establish a joint development committee to oversee the development of TRV027 with Trevena retaining operational authority during the option period.
Following the exercise of the option, Forest Laboratories Holding will make payments of up to $430 million, depending upon the achievement of future development and commercial milestones, plus royalties, and will have responsibility for the development and commercialization of the product.
As per the terms of the deal, Forest Labs will lead Trevena's $60 million Series C financing round with a $30 million investment. An executive of Forest Laboratories will also join Trevena's Board of Directors. Existing investors also participating in the round are Alta Partners, Healthcare Ventures, NEA, Polaris and Yasuda Enterprise Development Company.
Trevena said TRV027 is an experimental intravenous drug for the treatment of acute decompensated heart failure (ADHF), currently in mid-stage clinical trials. It is a novel beta-arrestin biased ligand of the angiotensin II type 1 receptor (AT1R) that combines the proven benefits of angiotensin blockade with new beta-arrestin-mediated biology to preserve cardiac and renal function.
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