Pharmaceutical companies invest enormous amounts of time and money on the research and development of new drugs, typically years in the making and costing millions of dollars. Only occasionally is a new drug developed that’s approved and generates more than $1 billion per year in sales, a benchmark in the industry commonly called a “blockbuster.” Blockbusters are scarce, but the proverbial quest for blockbuster drugs continues unabated because of vast unmet medical needs and because blockbuster therapeutics can be worth tens of billions of dollars during their patent-protected lives. Little wonder that pharmaceutical giants often buy up promising new drugs, some even in their infancy, not just to fill their pipeline or mesh with current R&D projects but also to bank on a bonanza of prospective revenues that could exceed $100 billion. With so much at stake, it only makes sense to pay special attention to scientists who have previously developed and delivered these blockbusters. With this in mind, expectations are high for 180 Life Sciences Corp. (180 Profile) since the founders have significant expertise in developing new therapeutics that were sold to big pharma for billions. They are renowned for development of some of the largest-selling drugs to ever come to market. Now they aim to do it again with a pipeline of drug candidates in sequential stages of development that address large untapped markets. The founding scientists at 180 Life Sciences discovered the anti-TNF drug class that led to Remicade, the fourth all-time best-selling drug in the world. Presently owned by Johnson & Johnson (NYSE: JNJ), Remicade has exceeded $90 billion in total sales since approval. AbbVie Inc. (NYSE: ABBV) licensed the anti-TNF patents from these scientists for use with Humira, the second best-selling drug in the world, with lifetime sales of $137 billion. Amgen Inc. (NASDAQ: AMGN) owns the seventh best seller, Enbrel, that treats psoriasis and rheumatoid arthritis and has generated over $81 billion in lifetime sales. Novartis AG (NYSE: NVS) owns the world’s 12th best-selling drug, Diovan, which treats high blood pressure and heart failure and has over $60 billion in lifetime sales. Only a handful of every thousand drugs that start development ever make it to the final stages of clinical trials and, even then, not all of those are approved. However, the extremely low odds of success are worth the risks for big pharma when its realized how much revenue just one of these blockbuster drugs can rack up — they bank on it.
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About 180 Life Sciences Corp.
180 Life Sciences is a clinical-stage biotechnology company focused on the development of novel drugs that fulfill unmet needs in inflammatory diseases, fibrosis and pain by leveraging the combined expertise of luminaries in therapeutics from Oxford University, the Hebrew University and Stanford University. KBL Merger Corp. (NASDAQ: KBLM) (KBL Merger Corp. Rights NASDAQ: KBLMR) (KBL Merger Corp. Warrant NASDAQ: KBLMW), a Special Purpose Acquisition Corporation (SPAC), previously announced plans to merge with 180 Life Sciences and, in connection with the merger, consummated a bridge financing on June 29, 2020, and submitted its latest S4 filing with the SEC on August 28, 2020. Close of the business combination is expected in the fourth quarter of 2020. Following the merger, the new company will be listed on the Nasdaq Capital Market under ticker symbol “ATNF.” For more information, visit the company’s website at www.180LifeSciences.com.
KBLM has valued 180 Life Sciences at $175 million, with the acquisition being carried out via a share swap, with each share of 180 Life Sciences to be exchanged for one share of KBLM.
NOTE TO INVESTORS: The latest news and updates relating to 180 Life Sciences are available in the company’s newsroom at http://nnw.fm/180
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