Opko Health, a New York-listed pharmaceutical company, has agreed to acquire Cytochroma, a drugs developer for chronic kidney disease backed by corporate venturing units, for up to $290m.
Opko will pay $100m initially using its shares and the rest in performance fees.
Cytochroma has previously raised more than $85m from Japan drugs company Mitsubishi Tanabe Pharma and Denmark-based peer Novo, as well as state and venture funds Business Development Bank of Canada, Caisse de depot et placement du Quebec, Canadian Medical Discoveries Fund, Covington Capital, GrowthWorks, VenGrowth and Venturelink Brighter Future Fund.