TetraLogic To Buy Shape Pharmaceuticals

(RTTNews) - TetraLogic Pharmaceuticals Corp. (TLOG) said Monday that it has agreed to buy Shape Pharmaceuticals, a privately-held biotechnology company developing suberohydroxamic acid phenyl ester, a novel, tissue-targeted HDAC inhibitor in a topical gel formulation to treat stage IA-IIA Cutaneous T-Cell Lymphoma.

Under the terms of the agreement, TetraLogic will acquire Shape for an upfront cash payment of $13 million. TetraLogic is also responsible for future development and commercialization milestones, as well as tiered royalties on product sales.

TetraLogic expects to commence a Phase 2 trial of suberohydroxamic acid phenyl ester for early-stage CTCL in the fourth quarter of 2014.

Suberohydroxamic acid phenyl ester's composition of matter patent extends until at least 2028; in addition, suberohydroxamic acid phenyl ester has been granted US orphan drug designation for CTCL.

TetraLogic has acquired worldwide development and commercialization rights to suberohydroxamic acid phenyl ester for all indications.