Ireland-based inflammatory disease drug developer Inflazome was acquired by pharmaceutical firm Roche today for €380m ($448m) in an upfront payment, providing an exit to pharmaceutical firm Novartis.
Inflazome is eligible to receive additional milestone payments, but details were not revealed.
Founded in 2016, Inflazome is working on drugs that target inflammasomes, which drive chronic inflammatory conditions ranging from Parkinson’s and Alzheimer’s diseases to asthma, inflammatory bowel disease, chronic kidney disease, cardiovascular disease and arthritis.
The company is based on research by co-founders Prof Matt Cooper from University of Queensland, who served as chief executive, and Prof Luke O’Neill from Trinity College Dublin.
Roche will further develop Inflazome’s pipeline of clinical and pre-clinical programs and will target a broad range of indications, focusing on those with a high unmet medical need.
Cooper said: “We are delighted to close this deal with Roche, an outstanding pharmaceutical company with a broad commitment to multiple indications.
“With Inflazome now part of the Roche organisation, Inflazome’s pioneering molecules are well-positioned to be developed quickly and effectively so they can help patients suffering from debilitating diseases.”
The spinout completed a $45.6m series B round backed by Novartis Venture Fund, an investment unit of Novartis, in late 2018. Forbion Capital Partners led the round, while Longitude Capital and Fountain Healthcare Partners also participated.
Novartis Venture Fund, Longitude and Fountain Healthcare had co-led by $17m series A round in 2016.
– The original version of this article appeared on our sister site, Global University Venturing.
