Iconovo is approaching the out-licensing of the inhaler ICOpre by now actively seeking contact with potential partners. The company is collaborating with investment bank Stifel to maximise business value and several international pharmaceutical companies have already expressed interest through confidential disclosure agreements.
Iconovo collaborates with international pharmaceutical companies for the development of complete inhalation products, i.e. both inhaler and dry powder formulation. The company offers a portfolio of fully developed inhalers, of which the company has already entered into licensing or collaboration agreements for ICOres, ICOone and ICOcap. Iconovo is now looking for a licensee for the company’s latest developed inhaler, ICOpre.
ICOpre – one of the company’s largest investments
In recent years, the company has invested considerable resources in developing ICOpre, which is a generic version of the well-known inhaler Ellipta from GSK. ICOpre can be adapted to any type of inhalation powder and can be loaded with up to three different drug substances. The inhaler is designed to have the same convenience and the same handling for the patient as Ellipta.
Global sales of inhaled medicines in Ellipta amounted to 4.5 billion USD in 2022. Iconovo is aiming to conquer part of this lucrative market. According to Iconovo, ICOpre has good opportunities to become the first generic competitor to Ellipta in both the EU and the US. The company’s first opportunity for launch is a generic version of the asthma and COPD drug Relvar 2027, which in the first half of 2023 had sales of almost 700 million USD.
Iconovo’s CEO Johan Wäborg commented on the commercial potential of ICOpre:
»ICOpre represents a significant commercial opportunity for Iconovo that can contribute to our sales targets. ICOpre is equivalent and can thus be interchangeable with Ellipta, without risking patent infringement, making ICOpre a unique business opportunity in the generic market. We have already seen significant interest in ICOpre from several major player.«
Structured process together with Stifel
Iconovo is now looking for a suitable partner for ICOpre. In May 2023, Iconovo engaged global investment bank Stifel to manage a structured process to maximise deal value. Stifel is a reputable bank with extensive experience in establishing value-creating agreements in the pharmaceutical industry.
Iconovo recently announced that they have initiated the outreach phase of the out-licensing process, where they will now put greater focus on contact-building activities. According to the company, several international pharmaceutical companies have shown interest in ICOpre, several of which have signed confidential disclosure agreements in order to conduct an in-depth evaluation of ICOpre.
Discussions with FDA
The project has already attracted a lot of attention and now is a good time to accelerate the licensing process, especially considering that Iconovo recently completed the interaction with the FDA regarding the requirements to make ICOpre interchangeable with GSK’s inhaler Ellipta in the US.
The company’s goal is to complete the outlicensing process for ICOpre in the first half of 2024 and prepare for the launch of a generic version of Relvar in 2027.The content of BioStock’s news and analyses is independent but the work of BioStock is to a certain degree financed by life science companies. The above article concerns a company from which BioStock has received financing.