Paratek Pharmaceuticals, Inc. announced today that it has entered into an exclusive worldwide collaborative development, manufacturing and commercialization license agreement with Novartis for Paratek's lead broad-spectrum antibiotic, PTK 0796, a first-in-class aminomethylcycline (AMC) in Phase 3 clinical trials. PTK 0796 is the most advanced once-daily, oral and IV antibiotic with a spectrum that is broad enough for single-agent treatment of life threatening infections such as complicated skin and skin structure infections (cSSSI) and moderate to severe community acquired bacterial pneumonia (CABP), with activity against resistant bacteria such as methicillin-resistant Staphylococcus aureus (MRSA), multi-drug resistant Streptococcus pneumoniae (MDRSP) and vancomycin-resistant enterococci (VRE).
Under the terms of the agreement, Novartis and Paratek will share responsibility and costs for worldwide development of PTK 0796, while Novartis will have the exclusive right to commercialize PTK 0796 on a worldwide basis. Paratek will be eligible to receive up to $485 million in payments, which include up-front and future milestone payments, and will also receive a royalty on net sales of PTK 0796 around the world.
"We are pleased to announce our collaboration with Novartis, which will allow us to develop and commercialize a significant advance in the treatment of resistant infections that are found in community and hospital in an expeditious manner," said Thomas J. Bigger, President and CEO of Paratek Pharmaceuticals. "PTK 0796 is the only once-daily, oral and IV MRSA-active compound in clinical development with a spectrum broad enough for single-agent treatment of cSSSI and CAP. This deal will also help us to bring PTK 0796 to the market without the need for additional financing in this currently challenging and unpredictable economic environment."
Wedbush PacGrow Life Sciences acted as an advisor to Paratek Pharmaceuticals in this transaction.
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