Shares in Edmonton-based life sciences company Isotechnika Inc. jumped more than 10 per cent last week after the biotechnology firm announced a major drug development deal with Swiss pharmaceutical giant Roche.
In what has been called the biggest single drug deal in Canadian history, Isotechnika officials said the partners will work to commercialize the transplant drug ISA(TX)247 for people suffering from immune system disorders or for patients who have undergone organ transplants.
Used to prevent immune system rejection, the drug has been shown in early studies to be more potent and less toxic than other medications, the companies said.
Roche, which has secured exclusive worldwide marketing rights for the drug, will kick in 70 per cent of the development costs and pay its Edmonton partner an undisclosed percentage of the gross profits.
If development goals are reached, the agreement will be worth about $215 million US, Isotechnika officials said.
“This alliance with Roche provides our company with the expertise and resources essential to the advancement of ISA(TX)247 into the commercial marketplace,” said Isotechnika chief executive Robert Foster.
“The achievement of this shared objective will generate the maximum benefit for our companies, our shareholders and the millions of people around the world living with organ transplants and auto-immune diseases.”
