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Midatech Divests US Unit To Focus On Its Rival Drug To Novartis' Sandostatin LAR

 
• By Sten Stovall

UK-based Midatech will use money from its US divestment to ramp up R&D efforts and progress its key oncology product MTD201, which has a favorable clinical profile versus Novartis' blockbuster Sandostatin LAR, the biotech's CEO tells Scrip.

R&D
UK Biotech Selling US Affiliate To Raise Money For Pipeline Advancement • Source: Shutterstock

By divesting its subsidiary in the US, Midatech Pharma PLC aims to simplify its R&D strategy and raise needed money to repay debt and progress its proprietary platforms to improve the delivery and quality of existing drugs. In particular it will focus on its lead product, which seeks to better Novartis AG's blockbuster Sandostatin LAR (octreotide acetate), according to the British biotech's recently installed CEO.

Based on recent clinical data Midatech – which was spun out of Cardiff University five years ago - has entered dialogue with the FDA aimed at progressing MTD201, its version of Novartis' Sandostatin

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