Tigenix received in July a contribution of 25 million euros from Takeda, which doubled its cash position. The Japanese company wants to market Cx601, Tigenix’ flagship product.
Cx601 is a treatment for peri-anal fistula in patients with Crohn’s disease. It is not a drug but an injection of stem cells. As the treatment proved effective, Takeda bought the rights.
When the European drug authorities will approve Cx601, which most likely will be in the second half of 2017, Tigenix will receive 15 million euros more. Moreover, depending on the sales, Tigenix could receive up to 340 million euros in royalties.
“With our recent licensing agreement with Takeda, which has a solid track record and is a strong leader in gastroenterology, we have the best partner and resources to succesfully commercialize Cx601. We also have acquired the financial strength to continue the clinical development of Cx106 in the United States,” says Eduardo Bravo, the Spanish CEO of TiGenix.
As Tigenix retained the US rights, it can possibly still acquire 50 percent of the global income of Cx601.
