Fusion buys radiopharmaceutical from Ipsen

Fusion Pharmaceuticals has acquired the intellectual property and assets related to French firm Ipsen's IPN-1087 radiopharmaceutical.

The small molecule targets neurotensin receptor 1 (NTSR1) -- a protein expressed on multiple solid tumor types. IPN-1087 was in phase I clinical development as a lutetium-177-based radiopharmaceutical targeting pancreatic ductal adenocarcinoma, colorectal cancer, and gastric cancers expressing NTSR1, according to Fusion.

The company said it plans to use IPN-1087 to create alpha-emitting radiopharmaceutical FPI-2059 -- a radioconjugate that combines actinium-225 with IPN-1087-- to treat solid tumors expressing NTSR1.

Fusion issued Ipsen 600,000 shares of its common stock at the time of closing, which also included shares for achieving a patent-related milestone. If Ipsen achieves certain development and regulatory milestones, Fusion will pay up to an additional 67.5 million euros ($79.4 million U.S.). In addition, Fusion will pay low single-digit royalties on potential future sales and up to 350 million euros ($412 million) for sales milestones.

Fusion is also obligated to pay a third-party licensor up to 70 million euros ($82 million) in development milestone payments and mid-single to low-double-digit royalties on potential future net sales of products covered by the license agreement, the firms said.