Lupin takes 82.2% stake in Kaveri Therapeutics, licences 2 oncology assets for $1.6mn
Lupin has acquired an 82.2% stake in Kaveri Therapeutics by licensing two of its oncology programs for $1.6 million. The new company will focus on clinical development for various solid tumor cancers.
Why it matters
This move represents a strategic shift for Lupin to accelerate clinical-stage oncology research through a dedicated subsidiary.
Global pharma major Lupin has spun-out two oncology programmes to Kaveri Therapeutics Inc for $1..6 million, taking its stake in the U.S. clinical-stage oncology company to 82.2%.
Its wholly-owned US subsidiary Lupin Inc (LI), which has entered into a licensing arrangement with Kaveri to grant exclusive perpetual license for two of its oncology programmes -- LNP7457 (PRMT5) and LNP8701 (SOS1) -- will provide seed funding to Kaveri. LI has received 332,000 common shares (82.2% equity stake) in Kaveri, in exchange of license, the company said in its regulatory filing.
Kaveri will advance the programme through global clinical trials. It will also raise additional capital to fund the clinical development efforts. The clinical-stage oncology company was incorporated this May to focus on the early-stage clinical development of therapies for solid tumors, including lung, pancreatic, ovarian, and CNS-related cancers.
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