Atopix Therapeutics, a UK-based clinical-stage biotechnology company backed by pharmaceutical firm GlaxoSmithKline, is set to be acquired by pharmaceutical firm Chiesi Farmaceutici in a deal potentially worth more than €75m ($80m).
The amount includes development, regulatory and commercial milestone payments. Details of any upfront payment have not been disclosed.
Founded in 2012, Atopix is a spinout of Oxagen, itself spun out of Oxford University in 1997. Atopix’s lead drug candidate OC459, currently in phase 2 trials, is a treatment for patients with asthma who suffer from a condition known as persistent airway eosinophilia.
The condition affects approximately 40% of asthma patients and causes a more severe form of the disease. Sufferers are at a high risk of requiring hospitalisation.
Atopix raised an undisclosed sum from SR One, the corporate venturing unit of GlaxoSmithKline, in 2014 as part of a series A round, the size of which was not revealed. Silicon Valley Bank provided nearly £3.3m ($4m) in debt financing in July 2015.
Remaining backers include Wellington Partners, SV Life Sciences and MPM Capital.
Tim Edwards, executive chairman of Atopix, said: “Chiesi’s excellence in the field of asthma provides a strong foundation for progressing the Atopix pipeline. We are delighted that Chiesi will assume the development of Atopix’s products.”
– This article first appeared on our sister site Global University Venturing.