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ImmuPharma splits from US partner
Drug discoverer ImmuPharma (IMM) has ended a potentially lucrative development deal with US group Cephalon for its Lupuzor lupus treatment. The AIM-quoted company, which has received $45milion (£28.1 million) since 2008 under the arrangement out of a potential $500 million in milestone payments and royalties, says it requested a return of all rights to Lupuzor following Cephalon's takeover in May by Israel's Teva Pharmaceutical Industries, because Teva has a rival lupus treatment, Laquinimod.
Spokesmen say ImmuPharma is negotiating with Cephalon about the future of a current round of clinical trials for Lupuzor initiated by Cephalon on lupus patients in the USA and Europe. Dimitri Dimitriou, ImmuPharma's entrepreneurial Chief executive officer, declares 'we are delighted to have Lupuzor back,' despite stockmarket concern over the loss of Cephalon's future milestone payments, and proclaims 'this paves the way for new options for the future of the company.'
House broker Panmure Gordon argues ImmuPharma 'can now auction Lupuzor off for a second time' to a partner willing to accelerate its development. The broker still sees the company, which lost £2.5 million last year, losing £5.5 millon this time before making more than £18 million pre-tax in 2012 and reverting to losses the following year to the tune of almost £7 million and contends it is well enough capitalised to carry on for more than three years without a cash injection.
ImmuPharma shares, which surged from below 60p to more than 140p in 2009 on the original Cephalon deal, now trade at 73p, down 5.5p this morning on the loss of Cephalon's support. That is 13p below the price at which Dimitriou and chairman Richard Warr sold big chunks of their holdings in 2009 to enable institutional investor M&G to take a significant stake.
The shares are a punt on the company finding an attractive new deal for Lupuzor.
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