MedImmune, the research and development subsidiary of pharmaceutical firm AstraZeneca, launched a US-based startup called Viela Bio armed with up to $250m of funding yesterday to develop six of its molecules.
The capital is being provided in a series A round co-led by 6 Dimensions Capital, the venture capital firm co-founded by pharmaceutical company WuXi PharmaTech, along with private equity firm Boyu Capital and hedge fund manager Hillhouse Capital.
Singaporean state-owned investment firm Temasek and alternative fund manager Sirona Capital are also participating in the round, but AstraZeneca will remain the startup’s largest minority shareholder once the round has closed.
Viela is looking to develop MedImmune’s three clinical-stage and three preclinical molecules into drugs that will treat severe inflammation and autoimmune diseases by targeting important genetic pathways which trigger disease.
One of the clinical-stage candidates, inebilizumab, is being developed to combat a condition known as neuromyelitis optica, which affects the optic nerve and spinal cord in some young people. The cash will fund a phase 2 study for inebilizumab and the development of Viela’s pipeline.
Bing Yao, who headed MedImmune’s Respiratory, Inflammation and Autoimmunity Innovative Medicines division, has been appointed CEO of Viela. Jorn Drappa, formerly the firm’s vice-president of respiratory, inflammation and autoimmunity clinical development, will be chief medical officer.
Leon Chen, chief executive of 6 Dimensions Capital, said: “Viela Bio has been formed with a best-in-class biologics pipeline that is both high quality and includes comprehensive modalities tackling autoimmunity.
“As an investor in this startup, 6 Dimensions Capital is confident that those innovative programs will be advanced further, driven by experienced scientific and business leaders.”