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Dansk Vækstkapital


02/12 2014

Contera Pharma announces acquisition by Korean Bukwang Pharmaceutical – JM-010 to enter global development for L-DOPA induced dyskinesia

Contera Pharma (Copenhagen, Denmark) is pleased to announce that Bukwang Pharmaceutical (Seoul, Korea) has acquired 100% of Contera Pharma from its current shareholders. The shareholders received an undisclosed upfront payment and are entitled to future contingent and royalty payments.

Contera Pharma was founded by John Bondo Hansen and Mikael Thomsen to focus on the development of new innovative treatments of movement disorders. The lead program JM-010 is in development for treatment of L-DOPA induced dyskinesia (LID). LID is a debilitating condition that affects Parkinson’s disease patients with no approved treatments. JM-010 has shown very promising effects in pre-clinical models of LID. CEO John Bondo Hansen and CSO Mikael Thomsen will continue in their roles at Contera Pharma in Denmark. John Bondo Hansen states:‘Since Contera’s inception 4 years ago, we have worked with our investors, board, and collaborators to develop new treatments that can help patients suffering from movement disorders. The potential of our projects and the opportunity represented by JM-010 is now recognized by Bukwang Pharmaceutical, and we look forward to working with Bukwang Pharmaceutical to continue our effort in developing new treatments to patients in need’.

Hee-Won Yoo, Vice President of Bukwang Pharmaceutical stated “with this acquisition of Danish bio-venture Contera, Bukwang will strengthen its overseas research activities. Contera’s asset for LID treatment, JM-010, is planned to complete preclinical development in the first half of 2015, before entering phase I study for global development in the same year.”

Novo Seeds and Seed Capital are the largest investors in Contera Pharma. Bobby Soni, Investment Director at Novo Seeds, states on behalf of the investors: ‘it has been a pleasure to invest and work with Contera Pharma. We are excited that Bukwang Pharma will continue development of JM-010 to improve the lives of Parkinson’s disease patients. We believe the acquisition validates the potential of Contera Pharma’s products and their novel approach to CNS development’

About Bukwang
Bukwang Pharm. Co., Ltd. is a leading Korean pharmaceutical company listed on the Korean Stock Exchange [KRX:003000]. The company has been in business for over 50 years, and achieved US$130 million in sales in 2012. Sales are primarily derived from products licensed from Europe, the United States, and Japan. The company is currently investing significant resources in R&D to create a robust pipeline of preclinical and clinical agents for the treatment of antiviral diseases, gastrointestinal disorders, CNS disorders and metabolic disease.

About Novo Seeds
Novo Seeds is the early stage investment unit of Novo A/S. Novo A/S is a Danish private limited liability company wholly owned by the Novo Nordisk Foundation, and the holding company of the Novo Group and as such the majority shareholder in the publicly listed companies Novo Nordisk A/S and Novozymes A/S. Novo A/S provides seed, venture and growth capital to development stage companies within life science and biotechnology,as well as manages a broad portfolio of financial assets. For more information, visit www.novo.dk

About SEED capital
SEED Capital is the largest venture fund in Denmark within the pre-seed and seed segment, and specializes in identifying and developing new and innovative technology companies. SEED Capital manages both private venture capital and public funds through innovation environment, Pre-Seed Innovation. SEED Capital manages approx. 1.5 billion DKK and has about 70 companies in its portfolio. Read more about SEED Capital at www.seedcapital.dk

For media inquiries:
Bukwang Pharmaceutical, Hyun Jun Hwang, hyun.jun.hwang@bukwang.co.kr
Contera: John Bondo Hansen, JBH@conterapharma.dk
Investors: Bobby Soni, bygs@novo.dk