On April 29, 2010, Kiacta Sàrl, an affiliate of Celtic Therapeutics, (the Buyer) signed a final agreement with Bellus Health Inc. and Bellus Health International Limited (the Sellers) to acquire and license from the sellers worldwide rights to the Phase III investigational product candidate KiactaTM (eprodisate) for upfront payments of US$10 million, and will fund 100% of KiactaTM's development costs through its confirmatory Phase III clinical study and other development activities, estimated at US$20 million.
KiactaTM is being developed for the treatment of AA amyloidosis, a life-threatening orphan disease that occurs in patients with long-lasting inflammatory conditions, most commonly due to rheumatoid arthritis. The Buyer will complete the Phase III study and all other requirements for regulatory approval of KiactaTM. The Buyer will then conduct an auction process for the commercialization rights of Kiacta(TM). The overall proceeds of the auction process are expected to be shared equally between the parties.
Ogilvy Renault LLP represented the buyer with a team lead by Gino Martel (Corporate/M&A), Dustin Sean Isaacs (Corporate/M&A) and Karine Fadous (Corporate/M&A); Leanne Souquet (Intellectual Property); and Derek Chiasson (Tax).