Alizyme plc receives a US$3 million milestone payment from Takeda Pharmaceutical

Alizyme plc receives a US$3 million milestone payment from Takeda Pharmaceutical Company Limited (“Takeda”) as a result of Takeda’s decision to commence a Phase III clinical trial in Japan of cetilistat for the treatment of obesity.

Takeda has completed a randomised, double blind, placebo controlled, dose ranging, Phase II study in approximately 450 diabetic obese patients with other obesity related diseases, performed in Japan. Patients received one of four doses of cetilistat or placebo for 6 months. Following positive results from this Phase II study, Takeda has decided to commence Phase III development of cetilistat in Japan. This triggers a milestone payment of US$3 million to Alizyme under the licence and development agreement between Takeda and Alizyme.

In August 2003, Alizyme granted exclusive rights to Takeda to develop, manufacture and market cetilistat in Japan for the treatment of obesity and its associated conditions, such as type 2 diabetes. Following receipt of the current milestone of US$3 million, Alizyme will have received four payments under this agreement, totalling US$10 million. In addition, Alizyme may receive further payments of up to US$32 million dependent on future milestones and other events, including continuing successful development and commercialisation of cetilistat by Takeda in Japan. Takeda is responsible for all development and commercialisation costs in Japan and payment of royalties to Alizyme on future sales in Japan.

Tim McCarthy, Chief Executive Officer, Alizyme plc, commented:

“Takeda’s decision to commence Phase III development of cetilistat in Japan is a key milestone in the progress of this product. The Phase II results not only support Alizyme’s conclusions from its own studies in Europe, but also demonstrate that the weight reducing efficacy of cetilistat and its impact on other parameters of diabetes and metabolic syndrome continue to at least 6 months. Our working relationship with Takeda over the past five years has been excellent and we look forward to continuing to work together as cetilistat is progressed through Phase III development in Japan and on to commercialisation of this exciting product.”