Karolinska will fund the new entity with up to $1.1 million.
Karolinska Development will establish a jointly owned project company with Biovitrum and will fund a maximum of SEK 10 million, or almost $1.1 million. The new firm will further develop, commercialize, and sell Biovitrum’s preclinical treatment for patients suffering from acute myeloid leukemia (AML).
The majority owner of the new company will be Karolinska with 80.1%, and Biovitrum will control the remaining 19.9%. Biovitrum will receive royalties on sales from the joint project.
The project will focus on FLT3, a tyrosine kinase, which has been found to be altered in patients with AML. “Karolinska Development has proved to be very innovative and successful in developing this category of early projects”, says Conny Bogentoft, CEO of Karolinska. “In addition, it is fortunate that this Swedish pharmaceutical invention can be further developed on home ground.”