Pharmaceutical firm Novo agreed yesterday to purchase US-based genomics therapy developer Corvidia Therapeutics for up to $2.1bn, enabling pharmaceutical firm AstraZeneca and kidney dialysis equipment producer Fresenius Medical Care to exit.
The deal will involve a $725m cash payment upfront but could potentially top out at $2.1bn if every regulatory and sales milestone is achieved post-acquisition. The company had raised more than $86m in funding.
Founded in 2015, Corvidia is working on cardio-renal disease treatments and its lead product candidate is ziltivekimab, a monoclonal antibody in a phase 2b clinical trial for chronic kidney disease.
The company’s product pipeline also includes potential treatments for atherosclerotic cardiovascular disease and inflammation, in which plaque builds up in a patient’s arteries, as well as high triglyceride-induced acute pancreatitis.
Corvidia had raised about $91m in total, according to Axios, and was seeded with an undisclosed sum from Sofinnova Partners, the venture capital firm that co-led its $26m series A round with VC fund Apple Tree Partners in 2016. The round also featured AstraZeneca subsidiary MedImmune, it was later revealed.
Venrock led the company’s $60m series B round in 2018, investing with Fresenius, AstraZeneca, Venrock Healthcare Capital Partners, Apple Tree Partners, Sofinnova Partners Andera Partners, Cormorant Asset Management and HBM Healthcare Investments.
Marc de Garidel, Corvidia’s CEO, said: “This acquisition recognises the important scientific work Corvidia has been doing over the last five years in cardio-renal diseases with a focus on inflammation.
“In Novo Nordisk, we have found a partner that has deep expertise in cardiometabolic disease, a proven track record of success in conducting cardiovascular outcomes trials, and the infrastructure to accelerate the development of ziltivekimab in order to help patients who need it most.”
Davis Polk & Wardwell was legal adviser for Novo on the deal, while JP Morgan Securities was Corvidia’s financial adviser and Goodwin Procter its legal adviser.
