Foresee Pharmaceuticals has sold a chunk of its clinical-stage pipeline in order to focus on the potential of its prostate cancer med Camcevi.
In return for $10 million upfront, Foresee sold the global rights for its MMP-12 inhibitor programs to Primevera Therapeutics. The deal includes FP-025, also known as aderamastat, for targeting inflammatory and fibrotic diseases.
Taiwan and U.S.-based Foresee completed a phase 2 study of FP-025 in allergic asthma in 2023 and was lining up the drug for a midstage trial in cardiac sarcoidosis.
Also included in the deal is FP-020, otherwise known as linvemastat. The drug already completed a phase 1 study in healthy volunteers in Australia, and Foresee had sketched out plans for phase 2 trials in both moderate to severe asthma and inflammatory bowel disease.
Rounding out the package of licensed products are third-generation MMP-12 inhibitors that remain in the drug discovery stage.
As well as the upfront payment, Foresee’s U.S. subsidiary could be in line for milestone payments potentially reaching $574.5 million, alongside tiered single-digit percentage royalties should any of the drugs make it to market.
Little is known about the buyer Primevera, a company with no obvious digital footprint. However, today’s announcement refers to Foresee USA gaining a 19% equity interest in the mysterious company as part of the deal.
Foresee put today’s deal in the context of a strategy to “streamline operations” in order to prioritize its stabilized injectable formulation (SIF) portfolio, which is led by Camcevi. The biopharma kicked off the year trumpeting data it said showed that a long-acting version of the approved injectable prostate cancer med could help patients with central precocious puberty (CPP).
“Foresee is at a pivotal junction in its growth trajectory, and intends on building its revenue stream by concentrating resources on Camcevi, and its FP-001, six-month long-acting injectable which has recently completed a successful pivotal P3 study in CPP, with an NDA submission targeted in 2026,” the company explained in this morning’s release.
“Over the past decade Foresee has shown unwavering commitment to the discovery and development of MMP-12 inhibitors, which has allowed us to become recognized globally as a leader in this space,” Foresee CEO Ben Chien, Ph.D., said in a statement.
“Our partnership with Primevera allows us to continue this mission in a more focused and streamlined way while we foster Foresee's path to profitability and continue to build the SIF business,” Chien added.