Biogen enters exclusive option agreement to acquire TMS’s treatment for acute stroke
Biogen Inc. said Thursday it has entered an exclusive option agreement with TMS Co. Ltd. to acquire its TMS-007 treatment for acute stroke. The company said it will pay $4 million upfront and an additional $18 million once the option is exercised, as well as milestone payments of up to $355 million and tiered royalties. “TMS-007 is a plasminogen activator with a novel mechanism of action associated with breaking down blood clots, and is believed to inhibit local inflammation at the site of thrombosis,” Biogen said in a statement. The drug has the potential to extend the treatment window compared with current thrombolytic agents, it said. Stroke is the fifth leading cause of death in the U.S. TMS-007 has demonstrated an adequate safety profile in an early stage trial and is being evaluated in a phase 2 study in Japan. Biogen shares were slightly higher premarket, but are down 3.7% in 2018, while the S&P 500 has gained 3.7%.