Pharma BD Deal Intelligence
Schering paid $140M for the cardiac gene therapy Generx but abandoned it within three years, licensing the asset back out to Cardium Therapeutics in 2005. Two decades and multiple owners later, Generx was never approved or commercialized—a clean bust.
Schering paid ~$140M for a cardiac gene therapy it abandoned within 3 years; the asset (Generx) never reached market under any subsequent owner, even 20+ years later.
Full analysis, sources & comparables →Peer-reviewed review of Ad5FGF-4 (Generx) describing the angiogenic mechanism, single intracoronary delivery, and ongoing Schering/Collateral late-stage…
Schering AG agreed to acquire Collateral Therapeutics in a $140M stock-for-stock transaction; Schering already held a 12% equity stake and had partnered on…
Biotech veteran Jack Reich retired in 2002 after 'selling his cardiovascular gene therapy firm Collateral Therapeutics Inc. to Schering AG in a $140 million…
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Announced 2002. $140M stock-for-stock. Schering already held 12% stake. Cardiovascular gene therapy. FTC early termination granted. Tier 2 (FTC) + Tier 6 verified.
Schering paid ~$140M for a cardiac gene therapy it abandoned within 3 years; the asset (Generx) never reached market under any subsequent owner, even 20+ years later.
Assessment window: 15yr post-close.
Coronary artery disease (CAD) is caused by atherosclerotic narrowing of the coronary arteries and is the leading cause of death in the US, affecting roughly 20.5 million adults and causing more than 370,000 deaths each year (CDC). Refractory angina patients - those not amenable to revascularization - represented the unmet-need population for therapeutic angiogenesis approaches like Generx.
In 2002 the CAD therapeutic landscape was dominated by statins (Lipitor, Zocor, Pravachol), antiplatelets (Plavix, aspirin), beta-blockers, ACE inhibitors and revascularization (PCI/CABG). Therapeutic angiogenesis was the bleeding edge, with three competing approaches: Collateral/Schering's Generx (Ad5FGF-4), GenVec/Wyeth's BIOBYPASS (AdVEGF121), and Vical/Sanofi VEGF plasmid programs (PubMed/Drug Discovery World 2002). Schering AG's $140M stock-for-stock acquisition (announced July 15 2002, FTC early termination granted) consolidated full ownership of Generx after Schering's 1996 partnership and 12% equity stake; cumulative invested R&D was approximately $200M (Cardium/Aries 2005 release). The deal mattered because it represented one of the earliest pharma all-in bets on cardiovascular gene therapy, and Schering and Berlex took on full Phase II/III financing responsibility. The strategic thesis ultimately did not pay off - subsequent Schering/Bayer trials of Generx did not meet primary endpoints, the asset was divested back to Cardium Therapeutics in 2005, and the cardiovascular gene-therapy field stalled until newer AAV-based programs more than a decade later (Clarivate retrospective).
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Schering AG / Collateral Therapeutics Inc. (this deal) | 2002 | $140M | 9 |
| Schering AG / MAP Medical Technologies Oy | 2002 | — | 26 |
| Roche Holding AG / Chugai Pharmaceutical Co. Ltd. | 2002 | $1.4B | 100 |
| Gilead Sciences Inc. / Triangle Pharmaceuticals Inc. | 2002 | $464M | 96 |
| Amgen Inc. / Immunex Corporation | 2002 | $16.0B | 92 |
| Novartis AG / Lek Pharmaceuticals d.d. | 2002 | $876M | 88 |
| Bayer AG / BlueRock Therapeutics | 2002 | $600M | 79 |
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