Ikaria coughs up $285M for acute MI drug candidate
Ikaria Holdings of Clinton, N.J., has agreed to pay $285 million to obtain a global exclusive license to BioLineRx's BL-1040, a treatment for preventing pathological cardiac remodeling following acute MI.

BL-1040, currently in a phase I/II clinical trial, is administered via the coronary artery during standard catheterization and flows into the damaged heart muscle, where it forms a protective ‘scaffold' to enhance the mechanical strength of the heart muscle during recovery and repair, according to the companies. BL-1040 is the first program from the BIJ (BioLine Innovations Jerusalem) incubator, subsidized by the Israeli Office of the Chief Scientist.

Under the terms of the agreement, the Jerusalem-based BioLineRx will receive upfront and milestone payments. BioLineRx also will receive royalties on annual net sales. Ikaria will be responsible for completing clinical development and commercialization efforts. The deal is contingent upon receipt of the approval of the Israeli Office of the Chief Scientist.