Mitokyne, a US-based biotech company focused on mitochondria-related drug discovery and development, has closed a $45m series A equity financing from Japan-based pharmaceutical company Astellas Pharma, life science-dedicated venture investor MPM Capital, and healthcare venture capital firm Longwood Fund.
In connection with the financing, Ansbert Gadicke, managing director of MPM Capital, Rich Aldrich of Longwood Fund, and a designee from Astellas joined the Mitokyne board of directors.
Concurrently, Astellas and Mitokyne have entered into an exclusive R&D collaboration focused on discovering and developing novel drugs that improve mitochondrial functions.
Astellas has the exclusive right to acquire Mitokyne at certain times during the term of the five–year agreement, for a price that could exceed $500m. Including any possible acquisition, as well as upfront payments, R&D funding, and milestone payments, the total value of the partnership agreement could reach up to $730M.
Yoshihiko Hatanaka, president & chief executive officer of Astellas, said: “This R&D partnership is an excellent opportunity for Astellas to utilize more external capabilities and resources, and to undertake initiatives related to new therapeutic areas, as we announced “Reshaping Research Framework” in May. Through this partnership, we expect to pursue advanced drug discovery and establish a winning model with which it can solidify its position as the leader in the field of mitochondria-related diseases, and eventually develop advanced medical solutions for patients around the world, adding to our portfolio of innovative new drugs.”
Kazumi Shiosaki, chief executive officer and co-founder of Mitokyne, said: “Clearly Astellas and Mitokyne share a singular vision to become leaders in discovering and developing novel compounds that beneficially modulate mitochondrial function.”