Belgian based biopharmaceutical company TiGenix has exercised the option granted by Takeda under the licensing agreement to make a EUR10 million equity investment in TiGenix.
Takeda Pharmaceuticals International AG will be subscribing 11,651,778 new ordinary shares at an issue price of EUR0.858 (rounded) per New Share. The issue price is equal to the average closing price of TiGenix`s share on Euronext Brussels over the 30 day period preceding the date on which the issuance of the New Shares commenced and represents a 23% premium over today`s closing price on Euronext Brussels, TiGenix explained
On July 4, 2016, Takeda and TiGenix entered into an exclusive ex-U.S. license, development and commercialization agreement for Cx601 for the treatment of complex perianal fistulas in patients with Crohn`s disease. The licensing agreement also provided for Takeda to make an equity investment of EUR10 million in the share capital of TiGenix within the 12 months following the date of the licensing agreement.
Eduardo Bravo, CEO of TiGenix commented: “These additional funds will further strengthen our financial position allowing us to remain fully focused on progressing with the marketing authorization application of Cx601 in Europe, the launch of our Phase III trial to register Cx601 in the United States and advancing with the other clinical assets in our pipeline,” concluded Eduardo Bravo.