Biopharmaceutical corporation WuXi PharmaTech is set to exit US-based clinical-stage biopharmaceutical company Novira Therapeutics after pharmaceutical firm Johnson & Johnson agreed to acquire the company.
Financial details of the proposed deal have not been disclosed. The acquisition is expected to close in the fourth quarter of 2015.
Founded in 2009, Novira Therapeutics is developing treatments for chronic hepatitis B virus infections. The potentially fatal disease affects more than 350 million patients and can cause jaundice as well as liver scarring, liver failure and cancer.
Novira closed a $28m series A round in February 2014 that was raised over three tranches, with WuXi PharmaTech contributing capital to the first tranche.
5AM Ventures and Canaan Partners co-led the first part, while BioAdvance, Mid-Atlantic Angel Group, Robin Hood Ventures and Delaware Crossing Investment Group also participated.
Versant Ventures provided a $7.5m extension to the round in 2013. Novira has not disclosed further details of the investors in the $3m extension it obtained last year.
BioAdvance supplied $1.5m in seed funding in 2009 and returned for a $1m extension in 2011. The extension was co-led by Delaware Crossing Investor Group, Mid-Atlantic Angel Group Fund II and Robin Hood Ventures.