Piramed

About Piramed

Piramed Limited was a UK-based biopharmaceutical company established in 2003, carving a specific niche in the development of novel therapeutics targeting the PI3-kinase (PI3-K) pathway. The company was the result of a collaborative effort, founded by a group of distinguished academics and a venture capital partner: Professor Paul Workman of The Institute of Cancer Research, Professor Michael Waterfield of the Ludwig Institute for Cancer Research, Professor Peter Parker of Cancer Research UK, and Dr. Srinivas Akkaraju of JP Morgan Partners. This foundation was built upon pre-existing research collaborations between these academic institutions and Yamanouchi Pharmaceutical Company (now Astellas Pharma Inc).

The company's core focus was on developing small molecule signal transduction inhibitors to address diseases with significant unmet needs. Piramed's business strategy centered on its two primary research programs: one targeting the PI3K-alpha isoform for oncology applications and another targeting the PI3K-delta isoform for inflammatory diseases like rheumatoid arthritis. Its business model involved conducting preclinical research and then forming strategic partnerships with larger pharmaceutical companies for the expensive and lengthy phases of clinical development, regulatory approval, and commercialization. This was exemplified by a major preclinical collaboration deal signed with Genentech in November 2005, potentially worth up to $230 million, to develop a new class of cancer drugs targeting the PI 3-kinase enzyme. Under this agreement, Piramed handled the preclinical work, while Genentech took responsibility for clinical research.

The primary product candidate that emerged from this collaboration was GDC-0941 (later known as pictilisib), a potent and selective PI3K inhibitor. This drug demonstrated efficacy in preclinical models and advanced into Phase I clinical trials for various cancers. The company secured its initial funding through a Series A round of $13.2 million in July 2003, with investors including J P Morgan, Panorama Capital, and Merlin Biosciences. Following the progress of its lead candidate into clinical trials, Piramed was acquired by Roche in April 2008 for approximately $160 million, with an additional $15 million milestone payment. The acquisition was a strategic move for Roche to bolster its oncology pipeline and gain access to Piramed's promising PI3-K programs, including the unpartnered inflammation program which was integrated into Roche's R&D portfolio.