“Deinove acquires FDA-Fast Track antibiotic compound”

“French microbiology specialist Deinove has acquired Morphochem’s Phase II Clostridium difficile antibiotic MCB3837 as part of  its acquisition of the Austrian company Biovertis. Morphochem is Biovertis’ German subsidiary.

MCB3837 is a water-soluble injectable small-molecule prodrug of the active substance MCB3681, which is being developed for the treatment of Clostridium difficile gastrointestinal infections (CDI), one of 12 priority pathogens listed by the WHO and the CDC. The novel antibiotic has been granted Qualified Infectious Disease Product (QIDP) status and FDA Fast Track designation, and is ready for Phase II testing.

Deinove will acquire Biovertis and its wholly-owned subsidiary Morphochem without paying any cash but through an in-kind contribution of the company’s major shareholder TVM Capital and other shareholders, who will become Deinove shareholders through the transaction within Article L. 225-147 of the French Commercial Code. Two investment funds managed by TVM Capital  hold 82.98% of the contributed rights, will receive 500,001 Deinove shares to which will be attached 8 million warrants (Bons d’attribution d’actions, BAA). The total value of the rights amounts to €900,001.80.”

Source: European Biotechnology