NEW YORK--(BUSINESS WIRE)--Remedy Pharmaceuticals, a privately-held pharmaceutical company focused on bringing life-saving treatments to people affected by central nervous system diseases and injuries, today announced that Biogen (NASDAQ:BIIB) completed an asset purchase of its Phase 3 candidate, CIRARA. Biogen made an upfront payment of $120 million to Remedy and may also pay additional milestone payments and royalties.
The target indication for CIRARA is large hemispheric infarction, a severe form of ischemic stroke where brain swelling often leads to disproportionately large share of stroke-related morbidity and mortality. The U.S. Food and Drug Administration (FDA) recently granted CIRARA Orphan drug designation for severe cerebral edema in patients with acute ischemic stroke. The FDA has also granted CIRARA Fast Track designation.
“We’ve spent over a decade on this mission to bring CIRARA to this desperately-in-need patient population,” notes David Geliebter, Executive Chairman, Remedy Pharmaceuticals. "Biogen’s expertise in CNS brings us closer to helping people afflicted with central nervous system related edema to not only survive, but live life to the fullest.”
“While one chapter closes for us, another exciting one begins for Remedy,” says Sven Jacobson, CEO of Remedy Pharmaceuticals, “As we seek out other innovative life science opportunities that play to our core strengths and values.”
Through cutting-edge science and medicine, Biogen discovers, develops and delivers worldwide innovative therapies for people living with serious neurological and neurodegenerative diseases. Founded in 1978, Biogen is a pioneer in biotechnology, and today the company has the leading portfolio of medicines to treat multiple sclerosis; has introduced the first and only approved treatment for spinal muscular atrophy; and is at the forefront of neurology research for conditions including Alzheimer’s disease, Parkinson’s disease and amyotrophic lateral sclerosis. Biogen also manufactures and commercializes biosimilars of advanced biologics.
About Remedy Pharmaceuticals
Founded in 2005, Remedy Pharmaceuticals, Inc. is a privately-held pharmaceutical company focused on improve the lives of patients with CNS-related illnesses and injuries through cutting-edge science and unconventional thinking. Remedy is based in New York City.