Medicus Pharma Ltd. (NASDAQ: MDCX) announced on April 28, 2025, that it has entered into a binding letter of intent to acquire UK-based Antev Ltd. for approximately $75 million in a share exchange transaction. The deal includes an additional $65 million in contingent payments tied to future regulatory milestones.
Under the terms of the agreement, Antev shareholders will receive approximately 2,666,600 Medicus common shares, representing about 19% of Medicus's equity. The transaction is expected to close by the end of June 2025, subject to due diligence, definitive agreements, and regulatory approvals.
Strategic Acquisition Targets Unmet Medical Needs
The acquisition brings Teverelix, Antev's lead drug candidate, into Medicus's development pipeline. Teverelix is a next-generation gonadotropin-releasing hormone (GnRH) antagonist being developed for two distinct indications with significant market potential.
"The LOI to acquire Antev represents strategic depth in our drug development program," stated Dr. Raza Bokhari, Executive Chairman & CEO of Medicus. "Teverelix, a next generation GnRH antagonist, is relatively derisked and is well positioned to become first in class product to prevent acute urinary retention recurrence and treat advanced prostate cancer in patients with high cardiovascular risk profile, collectively representing ~$6 Billion in potential market opportunity."
Dual Clinical Programs with FDA Approval
Teverelix is being developed for two key indications:
Acute Urinary Retention (AUR)
Teverelix aims to be the first-in-class treatment for preventing recurrence of acute urinary retention in men 45 years or older with benign prostatic hyperplasia (BPH). The FDA has approved a Phase 2b study design that will randomize 390 men after successful trial without catheterization (TWOC).
This represents a significant market opportunity, as approximately 85% of the nearly one million annual AUR episodes in the US occur in men over 60 with enlarged prostates. About 30% of these patients experience recurrence within six months, creating a potential market exceeding $2 billion annually.
The Phase 2b study will be conducted across 60-70 sites in the US and EU. Participants will receive either a single intramuscular or subcutaneous injection (90mg or 120mg) of Teverelix or placebo in addition to standard therapy. The primary endpoint is a composite of AUR recurrence, need for surgery, or poor urinary flow metrics over 28 weeks, with 24 weeks of follow-up.
Advanced Prostate Cancer with Cardiovascular Risk
Teverelix is also positioned as a potential best-in-class hormone therapy for advanced prostate cancer patients with increased cardiovascular risk. The FDA has approved a Phase 2b open-label study designed to recruit 40 men with advanced prostate cancer.
Unlike conventional GnRH agonists, which can cause an initial surge in testosterone levels that may exacerbate cardiovascular issues, Teverelix directly suppresses sex hormone production without this surge. If approved, it could become the first hormone therapy specifically labeled for treating prostate cancer in patients with cardiovascular disease history.
With 300,000 to 500,000 men in the US living with advanced prostate cancer, this indication represents a potential market opportunity exceeding $4 billion annually.
The Phase 2b study in prostate cancer will administer a loading dose of 180mg IM plus two 180mg SC injections (total 540mg), followed by two 180mg SC injections (360mg) on day 29 and every six weeks thereafter. The treatment will last 22 weeks, with the primary endpoint being confirmation of castration rate by day 29, sustaining to day 155 with a probability greater than 90%.
Clinical Progress to Date
Teverelix has already demonstrated promising results in earlier clinical trials:
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A Phase 1 trial completed in September 2020 showed the drug was well-tolerated with no dose-limiting toxicities and demonstrated rapid testosterone suppression in 48 healthy male volunteers.
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A Phase 2a study completed in February 2023 with 50 advanced prostate cancer patients achieved the primary endpoint of greater than 90% probability of castration levels of testosterone suppression (97.5%). However, the secondary endpoint of maintaining this rate above 90% was not met, with the probability dropping to 82.5% by Day 42.
In January 2023, the FDA reviewed the Phase 1 and Phase 2a data and provided written guidance on Antev's proposed Phase 3 trial design for Teverelix, supporting the company's clinical development plans.
Mechanism of Action and Formulation Advantages
Teverelix trifluoroacetate (Teverelix TFA) works as a long-acting GnRH antagonist. Its mechanism of action offers potential advantages over traditional GnRH agonists, particularly for patients with cardiovascular conditions.
The drug is formulated as a microcrystalline suspension, allowing for sustained release and a six-week dosing interval. This extended dosing schedule may improve patient compliance and outcomes compared to treatments requiring more frequent administration.
Medicus's Expanding Portfolio
Medicus Pharma, a biotech/life sciences company focused on accelerating clinical development of novel therapeutics, will add Teverelix to its existing pipeline, which includes SkinJect, a non-invasive treatment for basal cell skin cancer using a patented dissolvable microneedle patch.
The acquisition aligns with Medicus's strategy of developing disruptive therapeutic assets with significant market potential and addressing unmet medical needs.
Transaction Timeline and Structure
The Consideration Shares issuable to Antev shareholders will be subject to a 9-month staggered lock-up and an agreement granting certain voting rights in favor of Medicus management for 36 months.
The transaction is expected to close before the end of June 2025, pending satisfactory due diligence, definitive agreements, and regulatory approvals.
