BioGeneration Ventures (BGV) is pleased to announce that its portfolio company Staten Biotechnology B.V. and Novo Nordisk A/S have entered into a collaboration and exclusive option agreement. Under the collaboration agreement, Staten will continue to develop its lead asset STT-5058 targeting ApoC3 for the treatment of dyslipidaemia, with support and R&D funding from Novo Nordisk. Under the exclusive option agreement, Novo Nordisk has the right to acquire Staten and gain worldwide rights to STT-5058. Staten Biotechnology and its shareholders are entitled to receive signing and exercise fees, R&D funding, and milestone payments of up to 430 million euros.
BGV was the founding investor in Staten Biotechnology in July 2014. During the company creation BGV brought in management and experts from its network. Together with Forbion, BGV further supported the company in its preparation towards clinical trials.
Fourth successful deal in BGV’s second fund
Over the last three years this is the fourth BGV II portfolio company to create significant value and returns through deals with leading pharma companies. Earlier BGV announced the sale of the majority of shares in Acerta Pharma to AstraZeneca, the sale of Dezima Pharma to Amgen and the sale of Surgvision to Bracco Imaging.
“We have worked in close partnership with BGV and from the start were able to build on their knowledge and network that allowed Staten Biotechnology to make excellent progress in its ApoC3 antibody program.” said Paul da Silva Jardine, co-founder and CSO of Staten Biotechnology.
“BGV is extremely proud to see Staten Biotechnology joining forces with Novo Nordisk. This adds to our successful track record of founding new companies based on innovative differentiating science and building high quality teams. Our exits of Acerta Pharma, Dezima Pharma and Surgvision already showed that this strategy delivers very interesting returns for our investors and novel solutions to address unmet medical need for patients” said Edward van Wezel, managing partner of BGV.