Subject to the outcome of a shareholders’ meeting, Bone Therapeutics and Medsenic are set to combine their operations reducing risks and broadening portfolios.
The companies announced they have signed a share for share binding contribution today (August 10) which will create new enterprise BioSenic.
Brussels and Paris-based Bone Therapeutics is a cell therapy company that addresses unmet medical needs in orthopedics, while Medsenic is a privately held, clinical stage biopharmaceutical company incorporated in France which specializes in the development of optimized formulations of arsenic salts and their application in inflammatory conditions.
The companies say that integrating both biopharmaceutical companies would significantly reduce risk and broaden Bone Therapeutic’s therapeutic portfolio, targeting a broad array of inflammatory and orthopedic indications.
Both companies currently are running several mid to advanced stage clinical trials ongoing in lupus, chronic graft-versus-host disease, tibial fractures and other indications. As a result, there would be economic, financial and operational benefits and synergies in combining the clinical development programs within one organization.
The existing pipeline from both organizations would continue as planned. The phase 2b trial of Bone Therapeutics’ ALLOB, a randomized, double-blind, placebo-controlled study in patients with high-risk tibial fractures, is still ongoing and set to report interim results in the first half of 2023.
The Medsenic phase 2 clinical study with arsenic trioxide in the first-line treatment of cGvHD (chronic GvH) is still ongoing, and a phase 2a clinical trial for lupus has established proof of concept of safety for the patient and efficacy on the course of the autoimmune disease.
A phase 2b clinical trial for severe lupus is in the planning stage. A phase 3 study of cGvHD is also currently anticipated to start in the first half of 2023. New laboratory facilities, in Mont-Saint-Guibert, will become the scientific center of the combined entity.
Jean Stéphenne, president of Bone Therapeutics, said: “The addition of Medsenic, particularly with its dedicated best-in-class autoimmune disease platform, allows the respective teams of both companies to develop an expanded product portfolio across multiple therapeutic indications and thus limit shareholder risk, offer multiple treatments to patients, and increase the potential for growth and value creation for all shareholders.
“The acquisition of Medsenic fits well with our strategic priorities and offers substantial financial growth potential and therapeutic solutions to significantly improve patient experiences and outcomes for emerging and established therapies.”
Stéphenne said Bone Therapeutics is well positioned to leverage Medsenic’s value proposition with a strong technology portfolio and business development experience.
He added: “It is an honor and I am delighted to welcome Francois Rieger, a renowned scientist and investor, as the future president and CEO of the newly created company as a result of the acquisition, BioSenic. His experience and talent will undoubtedly enable BioSenic and our talented teams to embark on our next chapter of accelerating financial growth, maximizing patient benefits and enhancing value.”
Rieger sais the agreement highlights the value of Medsienc’s complementary businesses and will provide shareholders with attractive and certain value. He said it will bring together expertise and drug delivery platforms to accelerate growth and create new opportunities.
“As we remain committed to continuing to serve our stakeholders, I would like to thank the employees of both organizations for their hard work and dedication to this mission. I am very proud as the new president and CEO to work with the Bone Therapeutics team to successfully complete the transaction and deliver best-in-class drug therapies and therapeutic solutions under the new name: ‘BioSenic,” he said.