Biogen acquires rights to MT 1303 from Mitsubushi Tanabe

Biogen has announced an agreement to exclusively license MT-1303, a late stage experimental medicine with potential in multiple autoimmune indications, from Mitsubishi Tanabe Pharma Corporation. MT-1303 is an oral compound that targets the sphingosine 1-phosphate (S1P) receptor.

Biogen is assessing the potential of MT-1303 in multiple sclerosis (MS), ulcerative colitis, Crohn’s disease, and other autoimmune indications. The compound has completed a successful Phase II clinical trial in MS and Biogen is evaluating a rapid development program in this indication. The company will also investigate indications in inflammatory bowel disease. Biogen will initiate a clinical trial in ulcerative colitis and may advance an existing program in Crohn’s disease to Phase III.

Under terms of the agreement, Biogen will receive worldwide rights to MT-1303, excluding Asia. Biogen will be responsible for global commercialization and also cover development costs outside of Asian territories. MTPC will receive an upfront payment of $60 million from Biogen and may receive up to $484 million in additional milestone payments for multiple indications and territories. MTPC has the right to participate in Biogen’s global clinical trials and has an option to co-promote non-MS indications in the USA.