NetworkNewsWire
Editorial Coverage: Pharmaceutical companies invest enormous
amounts of time and money on the research and development of new
drugs, typically years in the making and costing millions of
dollars. Only occasionally is a new drug developed that’s approved
and generates more than $1 billion per year in sales, a benchmark
in the industry commonly called a “blockbuster.” Blockbusters are
scarce, but the proverbial quest for blockbuster drugs continues
unabated because of vast unmet medical needs and because
blockbuster therapeutics can be worth tens of billions of dollars
during their patent-protected lives. Little wonder that
pharmaceutical giants often buy up promising new drugs, some even
in their infancy, not just to fill their pipeline or mesh with
current R&D projects but also to bank on a bonanza of
prospective revenues that could exceed $100 billion. With so much
at stake, it only makes sense to pay special attention to
scientists who have previously developed and delivered these
blockbusters. With this in mind, expectations are high for
180 Life Sciences Corp. (180
Profile) since the founders have significant
expertise in developing new therapeutics that were sold to big
pharma for billions. They are renowned for development of some of
the largest-selling drugs to ever come to market. Now they aim to
do it again with a pipeline of drug candidates in sequential stages
of development that address large untapped markets. The founding
scientists at 180 Life Sciences discovered the anti-TNF drug class
that led to Remicade, the fourth all-time
best-selling drug in the world. Presently owned by
Johnson &
Johnson (NYSE: JNJ), Remicade has exceeded $90 billion
in total sales since approval. AbbVie
Inc. (NYSE: ABBV) licensed the
anti-TNF patents from these scientists for use with Humira, the
second best-selling drug in the world, with lifetime sales of $137
billion. Amgen
Inc. (NASDAQ: AMGN) owns the seventh best seller,
Enbrel, that treats psoriasis and rheumatoid arthritis and has
generated over $81 billion in lifetime sales. Novartis
AG (NYSE: NVS) owns the world’s 12th best-selling
drug, Diovan, which treats high blood pressure and heart failure
and has over $60 billion in lifetime sales. Only a handful of every
thousand drugs that start development ever make it to the final
stages of clinical trials and, even then, not all of those are
approved. However, the extremely low odds of success are worth the
risks for big pharma when its realized how much revenue just one of
these blockbuster drugs can rack up — they bank on it.
- Big pharma consistently buys up blockbuster drugs for big
revenues.
- 180 Life Sciences founders have track record of success
developing, selling large market drugs to big pharma.
- 180 Life Science about to merge with KBLM, a $115
million SPAC.
- Scientist founders targeting multi-billion-dollar markets,
developing novel drug candidates across several platforms
addressing large unmet medical needs.
Click here to view
the custom infographic of the 180 Life Sciences
editorial.
Blockbuster Bankers and Scientists
180 Life
Sciences Corp. was started by four world-renowned
scientists and entrepreneurs who invested their own money to start
the company. These scientists own the majority of the equity in 180
Life Sciences and aren’t selling any in the pending
merger with KBL Merger Corp. (NASDAQ:
KBLM), slated to close before year end. KBL Merger Corp. (a
blank-check company) is the fourth Special Purpose Acquisition
Company (SPAC) run by CEO Marlene Krauss, MD.
KBLM raised $115 million with the goal of identifying and
merging with a company with a strong value proposition. Krauss is
an innovator and pioneer in SPACs and has invested more than $1
billion through three institutional venture capital funds, numerous
IPOs and three prior SPACs. She is one of the first people to
obtain both an MD and MBA degree from Harvard and one of the few
physicians to lead a SPAC. Krauss has always had a passion for
healthcare and innovative companies with blockbuster potential and,
after eliminating dozens of other companies, signed a definitive
agreement to acquire 180 Life Sciences Corp.
The preeminent biomedical pioneers of 180 Life Sciences were the
first to successfully develop new anti-inflammatory drugs in the
late ‘90’s, such as the anti TNF biologics and the anti-integrin
inhibitors. These drugs are still on the market, consistently
generating billions of dollars per year in sales. They have also
spawned a new class of therapeutics to treat
inflammation.
Founders and co-chairs Marc Feldmann and Lawrence Steinman lead
the drug-development programs of 180 Life Sciences. Feldmann
performed groundbreaking work in discovering and developing
anti-TNF (tumor necrosis factor) therapy. The licensing of his
patent to Centocor Biotech led to the development of Remicade and
the acquisition by
J&J for $4.9 billion. AbbVie also licensed his patents for
use with Humira, now the second best-selling drug in the world.
Steinman's work led to the development of Tysabri for treating
multiple sclerosis and inflammatory bowel disease, which was sold
to Biogen and currently generates approximately $2 billion in
revenue. Steinman also founded Neurocrine Biosciences, which
currently has a market capitalization of approximately $7.7
billion.
180 Life Sciences
CEO James N. Woody, MD, was instrumental in the discovery of
Remicade, the first anti-TNF blockbuster, as chief scientific
officer at Centocor. Woody previously founded Avidia and Proteolix,
both of which were subsequently sold to Amgen. 180 Life Sciences
chief scientific officer Jonathan Rothbard, MD, helped establish
Amylin Pharmaceuticals, which was acquired by Bristol-Myers Squibb
in 2012 for $7 billion.
Given such an incredible track record of blockbuster success,
few other scientists command any greater respect or attention from
big pharma. 180 Life Sciences prestigious group of leaders and
their impressive backgrounds should open channels of opportunity
for licensing, joint ventures or even buyouts.
Large Market Targets
180 Life Sciences is driving groundbreaking study into clinical
programs, which are seeking to develop novel drugs that address
separate areas of inflammation for which there are no effective
therapies. 180 Life Sciences has three synergistic programs that
operate at the intersection of biotechnology and large market
therapeutics:
- The company’s primary platform is a novel program to treat
fibrosis using anti-TNF, with its lead program in phase 2b/3
clinical trials for treatment of Dupuytren’s contracture, a
debilitating disease that has no nonsurgical solutions.
- Inflammatory Pain (Preclinical): This program is focused on
discovering novel compounds to treat chronic inflammatory
pain.
- A7nAChR (Preclinical): Led by Lawrence Steinman and Jonathan
Rothbard, MD. 180 Life Sciences is seeking to develop a treatment
for ulcerative colitis in ex-smokers by targeting the a7nAChR, a
nicotine receptor in the body and a central factor in the body’s
method of controlling inflammation.
Aiming for Another Blockbuster
The scientists at 180 Life Sciences are aiming for another
blockbuster. Their first target is Dupuytren’s contracture, a
deformity that usually develops in the hands and affects a layer of
tissue that lies under the skin of the palm. The disease afflicts up to 12
million Americans in early or mild stages; another 3 million
have at least one finger bent enough to have a procedure, and an
estimated 750,000 suffer more severe symptoms. Currently there
are no treatments to stop Dupuytren’s from getting worse,
leaving surgery as the only viable option as the disease
progresses.
Dupuytren’s causes knots and nodules to form under the skin,
creating a thick cord that pulls one or more fingers into a
permanently bent position. Hands are incredibly important in every
aspect of life. No other creature in the world has hands that can
grasp, hold, move and manipulate like human hands, and Dupuytren's
contracture destroys that ability, severely impacting quality of
life.
180 Life Sciences has initiated a special clinical therapy
program for preventing Duptyren’s finger and hand contracture
before it becomes severe and permanent or requires surgery. The
current phase 2b/3 human clinical trials are designed to evaluate
both dosing requirements and efficacy in patients with the disease.
180 Life Sciences was granted a U.S.
patent in June for treatment of Dupuytren’s disease, along with
several other patents. A successful therapeutic for a large market
such as Dupuytren’s could conceivably reach blockbuster status.
As clinical trials proceed on Dupuytren’s contracture, 180 Life
Sciences continues to expand its robust IP portfolio across the
company’s three major drug platforms in the areas of inflammation,
fibrosis and pain. The company’s patent portfolio is made up of
both its own IP and exclusive worldwide licenses with Oxford
University Innovation Limited, the Kennedy Trust for Rheumatology
Research University of Oxford, Stanford University and the Hebrew
University. The patent portfolio covers 14 patent families with 42
patents issued and 32 pending in several important jurisdictions
around the world. Given the stature of the scientists and their
impressive track record of success, it wouldn’t be surprising to
see them develop another market moving therapeutic.
Big Pharma Blockbusters
Johnson
& Johnson (NYSE: JNJ) owns Remicade, the fourth
all-time best-selling drug in the world, which has exceeded $90
billion in total sales since approval. JNJ acquired the drug in the
purchase of Centocor Biotech for $4.9 billion in 1999. One of the
world's largest and most broadly based health care companies, JNJ
recently completed its acquisition of
Momenta Pharmaceuticals Inc., a company that discovers and
develops novel therapies for immune-mediated diseases, in an
all-cash transaction for approximately $6.5 billion.
AbbVie
Inc. (NYSE: ABBV), a research-based global
biopharmaceutical company, licensed the anti-TNF patents from the
scientists at 180 Life Sciences for use with Humira, the second
best-selling drug in the world, with lifetime sales of $137
billion. The company announced in May that it completed its
acquisition of Allergan, which expands and diversifies AbbVie's
revenue base and complements existing leadership positions in
immunology and hematologic oncology. Allergan provides new growth
opportunities in neuroscience and a global aesthetics business,
with leading brands including Botox and Juvederm.
Amgen
Inc. (NASDAQ: AMGN) owns the seventh best-selling drug
in the world, Enbrel, which treats psoriasis and rheumatoid
arthritis and has generated more than $81 billion in lifetime
sales. Amgen focuses on areas of high unmet medical need and
leverages its expertise to find solutions that improve health
outcomes and dramatically improve people's lives. Last year
Amgen acquired
worldwide rights to Otezla for $13.4 billion in cash. Otezla is
the only oral, nonbiologic treatment for psoriasis and psoriatic
arthritis.
Novartis
AG (NYSE: NVS) owns and markets the 12th best-selling
drug, Diovan, which treats high blood pressure and heart failure.
Novartis is a global healthcare company based in Switzerland that
provides solutions to address the evolving needs of patients
worldwide. In January, Novartis
completed the acquisition of The Medicines Company in a $9.7
billion deal. The acquisition will add inclisiran, a
potentially first-in-class treatment to lower cholesterol, to
Novartis' pipeline.
In candor, looking at the long list of acquisitions, it appears
that all of big pharma clamors for control of blockbuster drugs.
These industry leaders buy up potential big market therapeutics not
only in an attempt to fill unmet medical needs but also out of the
need for the big revenues that keep them going. An old real estate
adage offers sage advice: If you want to make money in real estate,
find out where everyone’s going, get there first and buy land. The
same philosophy holds true when looking to make money in biotech
companies: find out where big pharma is going, get there first and
buy in cheap. All it takes is one blockbuster drug to rack up huge
gains — smart companies are banking on it.
For further information about 180 Life Sciences please
visit 180 Life
Sciences Corp. and check out the 180 Life Sciences
Corporate Media Kit.
KBL Merger Corp. (NASDAQ: KBLM), KBL Merger Corp. Rights (NASDAQ: KBLMR), KBL Merger Corp. Warrant
(NASDAQ: KBLMW), a Special Purpose
Acquisition Corporation (SPAC) announced that, in
connection with its previously detailed merger agreement
with 180 Life Sciences, it consummated a bridge financing on
June 29, 2020, and submitted its latest S4 filing with the SEC on
August 28, 2020. It expects to close the business combination in Q4
of 2020.
Following the merger, the company will be listed on the Nasdaq
Capital Market under ticker symbol ATNF.
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Additional Information about the 180 Life Sciences Business
Combination and Where to Find It
KBL Merger Corp. IV (“KBL”) has filed a registration statement
on Form S-4, which includes a preliminary proxy
statement/prospectus for KBL’s stockholders, with the Securities
and Exchange Commission. KBL’s definitive proxy
statement/prospectus will be mailed to KBL’s stockholders that do
not opt to receive the document electronically. KBL and 180 Life
Sciences urge investors, stockholders and other interested persons
to read the preliminary proxy statement/prospectus, as well as
other documents that will be filed with the SEC, because these
documents will contain important information about the proposed
business combination transaction. Such persons can also read KBL’s
Annual Report on Form 10-K for the fiscal year ended December 31,
2019, for a description of the security holdings of its officers
and directors and their respective interests as security holders in
the consummation of the proposed business combination transaction.
KBL’s definitive proxy statement/prospectus, which is included in
the registration statement, will be mailed to stockholders of KBL
as of a record date to be established. KBL’s stockholders will also
be able to obtain a copy of such documents, without charge, by
directing a request to: KBL Merger Corp. IV, 30 Park Place, Suite
45E, New York, NY 10007; e-mail: admin@kblvc.com These documents can also be
obtained, without charge, at the SEC’s web site (http://www.sec.gov)
Participants in Solicitation
KBL and its directors and executive officers may be deemed to be
participants in the solicitation of proxies for the special meeting
of KBL’s stockholders to be held to approve the proposed
transactions in connection with the business combination with 180
Life Sciences. Information regarding the persons who may, under the
rules of the SEC, be deemed participants in the solicitation of
KBL’s stockholders in connection with the proposed business
combination with 180 Life Sciences are set forth in the amended
preliminary proxy statement/prospectus included in the registration
statement that was filed with the SEC on August 28, 2020. You can
find information about KBL’s executive officers and directors in
its Annual Report on Form 10-K for the fiscal year ended December
31, 2019, which was filed with the SEC on April 7, 2020. You can
obtain free copies of these documents from KBL using the contact
information above.
Non-Solicitation
This communication is not a proxy statement or solicitation of a
proxy, consent or authorization with respect to any securities or
in respect of the proposed business combination between KBL and 180
Life Sciences and shall not constitute an offer to sell or a
solicitation of an offer to buy the securities of KBL and 180 Life
Sciences, nor shall there be any sale of any such securities in any
state or jurisdiction in which such offer, solicitation, or sale
would be unlawful prior to registration or qualification under the
securities laws of such state or jurisdiction. No offer of
securities shall be made except by means of a prospectus meeting
the requirements of Section 10 of the Securities Act of 1933, as
amended.
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