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Sofinnova Partners sells portfolio company Ethical Oncology Science (EOS) to Clovis Oncology


November 20, 2013 - Sofinnova Partners sells portfolio company Ethical Oncology Science (EOS) to Clovis Oncology for $200 million upfront and up to an additional $220 million in milestones

EOS is the second Sofinnova-led success story involving the same Italian scientific founders

Paris, France. November 20th, 2013. Sofinnova Partners, an independent venture capital firm based in Paris, France, announced today the sale of portfolio company Ethical Oncology Science (EOS), an emerging biopharmaceutical company based in Milan, Italy, developing novel targeted medicines to treat cancer, to Clovis Oncology for up to $420 million (€310M)

Under the terms of the deal, Clovis is acquiring EOS for an up-front payment of $200 million, which includes $190 million in Clovis common stock (3,713,731 shares) and $10 million in cash. Clovis will pay an additional $65 million in cash upon the initial approval of lucitanib by the U.S. Food and Drug Administration (FDA). Pursuant to a license agreement that EOS signed with Les Laboratoires Servier in 2012, Clovis is entitled to receive up to €350 million (approximately $470 million) upon the achievement of development and commercial milestones, as well as royalties on sales of lucitanib in the Servier territories. Clovis will also pay the EOS shareholders up to an additional €115 million in cash (approximately $155 million) upon the receipt by Clovis of certain of the milestone payments pursuant to this license agreement.

Sofinnova Partners was a seed investor at EOS’ inception in 2006. It further financed the company over the years, helped bring other international investors Aescap Venture and Principia SGR into the company and remained its majority shareholder until today. The company was formed by Silvano Spinelli, Gabriella Camboni and Ennio Cavalletti, three repeat entrepreneurs that previously were the founders of Novuspharma, a spin off from Hoffmann La Roche that Sofinnova Partners also backed from the start. Novuspharma went public in Italy in 2000 and was then successfully sold to CTI, a Nasdaq listed biotech company.

EOS develops novel targeted therapies that address significant unmet medical needs for cancer patients. It owns the exclusive global (excluding China) development and commercialization rights for lucitanib, an oral, dual-selective inhibitor of the tyrosine kinase activity of fibroblast growth factor receptors 1 and 2 (FGFR 1/2) and vascular endothelial growth factor (VEGF) receptors 1-3 (VEGFR1-3). Lucitanib aims to treat FGF-aberrant breast cancer patients as well as other FGF-aberrant or angiogenesis-sensitive tumors, such non small cell lung cancer. A Phase II program has been initiated to further explore lucitanib in multiple indications. Clinical development of lucitanib will be accompanied by development of a diagnostic test designed to identify a selected patient population most likely to benefit. The acquisition by Clovis follows a 2012 sublicensing agreement with Les Laboratoires Servier over the rights in Europe and the rest-of-world markets of lucitanib. Clovis intends to collaborate with Servier on the global clinical development of lucitanib and maintains exclusive rights for lucitanib in the U.S. and Japan.

“Funding repeat entrepreneurs is a key theme for Sofinnova Partners, and Ethical Oncology Science is a perfect example of that strategy. After the sale of Novuspharma, the three founders were keen to start a new adventure and we were delighted to fund them again”, said Antoine Papiernik, Managing Partner at Sofinnova Partners.

“It was natural for us to go to Sofinnova to seed EOS, on the back of our first positive experience. Sofinnova Partners has been a real partner and has helped us build the company until this day”, said Silvano Spinelli, Chairman and CEO of EOS. “After striking a large partnership with Les Laboratoires Servier in 2012, the sale of the company to Clovis should give our drug lucitanib the best chance to continue its clinical development and be one day available as a new innovative treatment for many cancer patients”, said Gabriella Camboni, MD, founder and Chief Operating Officer of EOS.

Press contact for Sofinnova Partners
STRATEGIES & IMAGE Anne Rein
anne.rein@strategiesimage.com
+33 (0)6 03 35 92 05

Press contact for EOS
Silvano Spinelli
Chairman and CEO
silvano.spinelli@eosmilano.com
+39 335 80 78 330


About Sofinnova Partners
Sofinnova Partners is an independent venture capital firm based in Paris, France. For more than 40 years, the firm has backed nearly 500 companies at different stages of their development – pure creations, spin-offs, as well as turnaround situations – and worked alongside Europe’s key entrepreneurs in the Life Sciences industry. With €1.3 billion of funds under management, Sofinnova Partners has created market leaders with its experienced team and hands-on approach in building portfolio companies through to exit. For more information, visit www.sofinnova.fr

About EOS
EOS (Ethical Oncology Science) is an emerging biopharmaceutical company headquartered in Milan, Italy, developing novel targeted medicines to treat cancer. EOS was founded by a team of bio-entrepreneurs and experienced biotechnology professionals with decades of experience in translational medicine in oncology. Founded in June 2006, company’s operations were seed and further financed by founders and by Sofinnova Partners since its inception. EOS is a privately held organization headquartered in Via Monte di Pietà, 1/A, Milano, Italy funded by founders, Sofinnova Partners, Aescap Ventures and Principia SGR.. For more information, visit http://www.eosmilano.com/.

About Clovis Oncology
Clovis Oncology, Inc. is a biopharmaceutical company focused on acquiring, developing and commercializing innovative anti-cancer agents in the U.S., Europe and additional international markets. Clovis Oncology targets development programs at specific subsets of cancer populations, and simultaneously develops diagnostic tools that direct a compound in development to the population that is most likely to benefit from its use. Clovis Oncology is headquartered in Boulder, Colorado, and has additional offices in San Francisco, California and Cambridge, UK. For more information, visit www.clovisoncology.com


Publisher Contact Information:

Ethical Oncology Science (EOS) (acquired by Clovis Oncology)
+39 335 80 78 330
silvano.spinelli@eosmilano.com

Company profile of Ethical Oncology Science (EOS) (acquired by Clovis Oncology)
Past press releases of Ethical Oncology Science (EOS) (acquired by Clovis Oncology).

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