Biogen has sold off a mid-stage investigational drug for acute ischemic stroke (AIS) to Bayer-backed JiXing Pharmaceuticals.
According to Biogen, BIIB131 is a small molecule plasminogen activator with a novel mechanism of action associated with breaking down blood clots and is believed to inhibit local inflammation at the site of thrombosis. This unique combination could position the asset as a best-in-class thrombolytic for people with AIS with the potential for an extended treatment window.
In a prior phase 2 clinical trial conducted in Japan, AIS patients treated with BIIB131 had significantly improved clinical outcomes (proportion of patients with no or minimal neurological deficits) at 90 days, compared to placebo.
Shanghai-based JiXing will acquire the program for an undisclosed upfront payment with potential milestones and royalties on global sales.
Just last week, JiXing bagged a $162 million series D funding round, led by New York-based life science focused investment company RTW Investments and Bayer who contributed $127 million and $35 million respectively.