Windtree Therapeutics is doing everything possible to advance a pipeline of cardiovascular meds, but it’s still not enough. The biotech is now hunting for a buyer of the entire operation rather than just a simple licensing deal.
The company has engaged a financial services firm to explore strategic alternatives with an aim of maximizing shareholder value, according to a Wednesday press release.
Windtree had already been trying to find a partner for its cardiogenic shock program but will now expand those efforts to include a potential acquisition, merger, company sale or other strategic transaction.
Even with the ongoing hunt for a life raft, Windtree has been moving forward with testing istaroxime to improve systolic and diastolic cardiac function. Two weeks ago, the company announced a licensing deal handing over China and Asia-Pacific rights for the med to Lee’s Pharma. This helped secure $138.1 million in future milestone payments.
Istaroxime helped raise blood pressure in a phase 2 trial that read out in April 2022, meeting the main goal. But a nice share bump from the clinical win wasn’t enough to set Windtree up for next development steps in such a tough biotech market. The company began looking for partners to advance beyond the midstage test.
“While there has been positive data and progress, we believe the opportunity is under-recognized and under-valued in the current financial markets, however, it has resulted in in-bound business development interest,” CEO Craig Fraser said in the release. “Given this, the company has engaged a strategic advisor to help coordinate and assess these opportunities with the intent to maximize shareholder value.”