Creabilis, a UK-based biotechnology company backed by pharmaceutical firm AbbVie, was acquired by medical dermatology company Sienna Biopharmaceuticals yesterday for up to $150m.
Sienna has made an upfront payment of undisclosed size in cash and stock, with the remainder dependent upon Creabilis reaching regulatory and commercial milestones.
Creabilis is working on therapies for common inflammatory skin conditions such as psoriasis and atopic dermatitis. The company currently has several lead candidates in clinical trials and a pipeline of pre-clinical candidates.
The acquisition strengthens Sienna’s medical dermatology and aesthetics pipeline, which includes a treatment for acne vulgaris currently undergoing pivotal studies.
Creabilis previously attracted €15m ($20m) in funding from investors including Abbott Biotech Ventures, the corporate venturing unit for healthcare company Abbott Laboratories, Neomed, Sofinnova Partners and undisclosed backers.
Sofinnova and Neomed previously invested in Creabilis’ €20m series A round in 2008.
Abbott Biotech Ventures’s stake was reassigned to AbbVie in 2013 when Abbott restructured and split into two companies.
Alex Leech, chief executive at Creabilis, said: “We have great confidence in the Creabilis platform and have been focused on ensuring these high-value assets progress through the clinic as expeditiously as possible.
“The management team at Sienna has a long and proven track record of successfully bringing innovative dermatology treatments to market, and we, together with our shareholders, believe that the portfolio is poised for success as part of Sienna’s medical dermatology pipeline.”