Marina Biotech will pay up to $95 million in milestone payments, plus a “mid-single digit” royalty, in addition to 53 million Marina common shares to acquire Turing Pharmaceutical’s intranasal ketamine program, including all existing product, clinical development plans, and intellectual property rights. The acquisition is expected to be completed by July 2016.
Marina was once known as Nastech and developed numerous intranasal formulations before changing its focus to nucleic-acid based therapies in 2008 and selling off its intranasal programs. The company recently announced cancellation of a deal to sell off its assets related to nucleic acid therapeutics.
Turing acquired Syntocin intranasal ketamine from Retrophin in 2010 when Retrophin forced out its founder Martin Shkreli. Retrophin had acquired Syntocin from Kyalin Biosciences in 2013. Earlier this year, Turing Pharmaceuticals said that it had initiated a Phase 1 trial of intranasal ketamine for the reduction of suicidal ideation, several months after Shkreli was arrested for securities fraud and ousted from Turing.
Marina Biotech President and CEO J. Michael French said, “We are extremely pleased to have this opportunity to bring in a late-stage clinical program with the potential for approval in multiple indications including certain rare disorders. The program has been advanced worldwide with plans for US and international clinical trial sites. The work thus far has predominately been directed at suicidality in post-traumatic stress disorder; a patient population with few, if any, therapeutic options. We believe the early clinical successes of this program combined with broadening acceptance of ketamine as a treatment for neurological and psychiatric diseases, presents a unique opportunity to rapidly move this compound into the US market as early as 2019. In addition, there is some earlier work by academic centers suggesting that intranasal ketamine might be efficacious in patients suffering from certain rare diseases. We look forward to working with the Turing team to conclude this transaction and transfer the assets as quickly as possible in order to maintain the momentum of this program.”
Turing President of R&D Eliseo Salinas added, “We too are pleased to enter into this relationship with Marina and to have found a company capable of giving this program the priority it deserves. I have been impressed with the progress our research and development team has made over the past six months in advancing intranasal ketamine for the treatment of suicidality. I look forward to working with the Marina team to rapidly transition this program so that we can maintain our momentum and bring this compound to market as quickly as possible.”
Read the Marina Biotech press release.
