Orphazyme Aps, a Denmark-based developer of treatments for genetic disorders, has acquired assets of publicly traded biopharmaceutical company CytRx for up to $120m excluding royalty payments.
In February, Orphazyme Aps raised DKr22m ($4m) in a seed stage round from a consortium including local investor, Novo.
Joining Henrijette Richter, investment director at Novo, in the seed round is venture capital firm Sunstone Capital.
Based on research to treat lysosomal storage diseases at the Danish Cancer Society, Orphazyme Aps was established in 2009 and received a pre-seed grant in July 2009 from Novo Seeds, a corporate venturing unit of Danish foundation Novo.