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Astellas and Drais Partner to Develop
Third Astellas Compound through Tacurion
InterWest
Partners, Sutter Hill Ventures and Astellas Venture Management
Invest $15 Million into Tacurion to Advance Compound
TOKYO, JAPAN
and BRIDGEWATER, N.J., May 7, 2013 –
Astellas Pharma Inc. (Tokyo: 4503,
“Astellas”) and Drais Pharmaceuticals, Inc.
(“Drais”) today announced that they have
entered into a third partnership in the past year to develop
and commercialize an Astellas compound. Under the
terms of the agreement, Astellas will license ASP7035, of
which a phase I study has been completed and is
a phase IIa-ready,
vasopressin V2 receptor
selective agonist for the treatment of nocturia, to
Tacurion Pharma, Inc. (“Tacurion”), a
virtual company that will be operated by the Drais executive team. The
partnership is similar to two prior Astellas and Drais
agreements, to advance ASP3291 and ASP7147
through Telsar Pharma, Inc. (“Telsar”) and
Seldar Pharma, Inc. (“Seldar”), respectively
– both also virtual companies. As with Telsar and Seldar, Tacurion
will be operated by Drais, which has substantial clinical
development experience.
Tacurion, Telsar and Seldar all share the
same investors:
InterWest Partners and Sutter Hill Ventures (two U.S.
venture capital firms that are also the lead investors in Drais) plus
Astellas Venture Management LLC (the corporate venture capital arm of
Astellas). The three groups will invest a total of $15
million into Tacurion. These funds will
provide a runway to further the development of ASP7035,
with Drais serving as the exclusive provider of
development services.
This partnership is
reflective of Astellas’ ‘Multi-Track R&D’
approach, in which the company
moves select promising compounds forward without any
disruption in the development process. The approach allows Astellas to
optimize costs and control risks while accessing outside
capital and expertise.
The partnerships
are a long-term enterprise that Astellas and Drais
may expand by moving additional Astellas compounds into virtual
companies for development by Drais. Working with virtual companies is
a straightforward solution that allows the investors to target their
investment to one compound. Virtual companies also provide a simpler
structure for any future sale of the compound.
The participants in the partnership have
all worked together successfully in the past. The Drais executive team
was previously the senior management of Yamanouchi R&D (a precursor
company to Astellas) in Paramus, NJ. Later they served as the
executive team of AkaRx, acquired by Eisai/MGI for $300 million in
2010. Dr. Arnold Oronsky, general partner at InterWest, and Dr. Jeff
Bird, managing director at Sutter Hill Ventures, are both board
members and investors in Drais; they previously held the same
positions at AkaRx. Astellas Venture Management was also
an investor in AkaRx.
Under the terms of the agreement, Tacurion
has an exclusive worldwide license to develop and commercialize
ASP7035. Tacurion will be responsible for all development,
manufacturing and commercialization activities and their associated
costs. Astellas is entitled to receive a milestone payment and
royalties on future sales
of ASP7035. Astellas also has a onetime option (but not
an obligation) to acquire Tacurion upon the success of a proof of
concept study. The company expects to initiate the phase II
proof-of-concept study in the third quarter of 2013.
About Astellas Pharma Inc.
Astellas Pharma Inc., located in Tokyo, Japan, is a
pharmaceutical company dedicated to improving the health of people
around the world through the provision of innovative and reliable
pharmaceutical products. Astellas has approximately 17,000 employees
worldwide. The organization is committed to becoming a global category
leader in Urology, Immunology
(including
Transplantation) and Infectious Diseases, Oncology,
Neuroscience and Diabetes Mellitus (DM) Complications and
Kidney Diseases. For more information on Astellas
Pharma Inc., please visit the company Website at
www.astellas.com/en.
About Astellas Venture Management LLC
Astellas Venture Management's mission is to invest in
emerging biotech companies that combine unique scientific capabilities
with the potential for global market leadership and a management team
driven by ambition for success of the company. To learn more about
Astellas Venture Management, please visit the company’s website at
www.astellasventure.com.
About Drais Pharmaceuticals, Inc.
Drais Pharmaceuticals, Inc. is a privately held drug
development company dedicated to the in-licensing, development and
commercialization of novel therapeutic treatments that address unmet
medical needs, providing significant benefits over currently available
therapies.
Formed in September 2007, Drais completed a Series A
financing round in January 2008 from lead investors, InterWest
Partners (Menlo Park, CA) and Sutter Hill Ventures (Palo Alto, CA).
The Drais management team consists of highly experienced individuals
with a successful track record in the pharmaceutical industry. Prior
to forming Drais, the management team founded AkaRx, Inc. (acquired by
Eisai/MGI in 2010 for $300 million). Drais is based in Bridgewater,
New Jersey.
For more information, please visit:
http://www.draispharma.com.
About InterWest
Partners
For more than 30 years InterWest (www.interwest.com) has
partnered with exceptional entrepreneurs to build winning technology
and life sciences companies. With more than 200 years of combined
operating and investing experience, our team has raised $2.8B,
completed more than 70 IPOs, and participated in nearly 60 upside
acquisitions. As we invest InterWest X, a $650M fund, we continue to
believe that providing capital is just the beginning of a long-term
collaboration with entrepreneurs to turn their vision into a thriving
company.
About Sutter Hill
Ventures
Sutter Hill Ventures is a venture capital firm that finances
technology-based start-up and early-stage companies that pioneer
products or services in growth markets, especially those in
information technology and health care. Founded in 1964, it is one of
Silicon Valley's original venture capital firms. For more information
about Sutter Hill Ventures, please visit www.shv.com.
Contacts:
Astellas Pharma Inc.
Corporate
Communications
Tel: +81-3-3244-3201 Fax: +81-3-5201-7473
http://www.astellas.com/en
Drais Pharmaceuticals Inc.
Donna Tempel
President and CEO
Drais Pharmaceuticals Inc.
908-895-1211
tempel@draispharma.com
Eliot Dobris
eliot@eliotdobris.com
415-902-1241
Astellas and Drais Partner to Develop
Second Astellas Compound through Seldar
InterWest
Partners, Sutter Hill Ventures and Astellas Venture Management
Invest 13 Million into Seldar to Advance Compound
TOKYO, JAPAN and BRIDGEWATER, N.J., June 4, 2012
– Astellas Pharma Inc.
(Tokyo: 4503,
“Astellas”) and
Drais Pharmaceuticals, Inc.
(“Drais”)
today announced that they have
entered into a second partnership in as many months to develop and
commercialize an
Astellas compound. Under the terms of the agreement, Astellas will
transfer ownership of ASP7147, a
bombesin
BB2 receptor antagonist for the treatment of irritable bowel syndrome
with diarrhea,
from its pipeline to Seldar Pharma,
Inc. (“Seldar”), a
virtual company
that will be operated by the Drais executive team. The partnership is
similar to one
Astellas
and Drais
entered into in
April
to advance
ASP3291
through Telsar, another virtual company. As with Telsar, Seldar will
be operated by
Drais,
which has substantial clinical development experience.
Seldar and Telsar both share the same investors:
InterWest Partners and Sutter Hill Ventures (two U.S. venture
capital firms that are also the lead investors in Drais) plus Astellas
Venture Management LLC (the corporate venture capital arm of
Astellas). The three groups will invest a total of $13
million into Seldar.
These funds will provide a runway to further the development of
ASP7147, with
Drais serving as the exclusive provider of development services.
This
partnership is reflective of
Astellas’ new ‘Multi-Track R&D’
approach, in which the company
moves select promising
compounds forward without any disruption in the development process.
The approach allows Astellas to optimize costs and control risks while
accessing outside capital and expertise.
The
partnerships are a
long-term enterprise that
Astellas and Drais are considering expanding by moving
additional Astellas compounds into virtual companies for development
by Drais. Working with virtual companies is a straightforward solution
that allows the investors to target their investment to one compound.
Virtual companies also provide a simpler structure for any future sale
of the compound.
The
participants in the partnership have all worked together successfully
in the past. Dr. Donna L. Tempel and fellow Drais co-founder, Dr.
Robert E. Desjardins, were previously the senior management of
Yamanouchi R&D (a precursor company to Astellas) in Paramus, NJ. Later
they served as the executive team of AkaRx, acquired by Eisai/MGI for
$300 million in 2010. Dr. Arnold Oronsky, general partner at
InterWest, and Dr. Jeff Bird, managing director at Sutter Hill
Ventures, are both board members and investors in Drais; they
previously held the same positions at AkaRx.
Astellas Venture Management was
also an investor in AkaRx.
Under the
terms of the agreement, Astellas will transfer to Seldar all rights
and assets related to ASP7147, whose Phase I Multiple Ascending Dose
study will be initiated shortly.
Seldar will be responsible for
all development, manufacturing and commercialization activities and
their associated costs. Astellas is entitled to receive a milestone
payment and royalties on future sales
of
ASP7147. Astellas also
has the right of first exclusive negotiation for future partnering
activities related to ASP7147 and the right of first refusal for the
Japanese market. The company also has the right of non-exclusive
negotiation for other markets.
About Astellas Pharma Inc.
Astellas Pharma Inc., located in Tokyo, Japan, is a pharmaceutical
company dedicated to improving the health of people around the world
through the provision of innovative and reliable pharmaceutical
products. Astellas has approximately 17,000 employees worldwide. The
organization is committed to becoming a global category leader in
Urology, Immunology (including
Transplantation) and
Infectious Diseases, Oncology, Neuroscience and Diabetes Mellitus (DM)
Complications and Kidney
Diseases. For more information on Astellas Pharma Inc., please visit
the company Website at
www.astellas.com/en.
About Astellas Venture Management LLC
Astellas Venture
Management's mission is to invest in emerging biotech companies that
combine unique scientific capabilities with the potential for global
market leadership and a management team driven by ambition for success
of the company. To learn more about Astellas Venture Management,
please visit the company’s website at
www.astellasventure.com.
About Drais Pharmaceuticals, Inc.
Drais Pharmaceuticals, Inc. is a privately held drug development
company dedicated to the in-licensing, development and
commercialization of novel therapeutic treatments that address unmet
medical needs, providing significant benefits over currently available
therapies.
Formed in September 2007, Drais completed a Series A financing
round in January 2008 from lead investors, InterWest Partners (Menlo
Park, CA) and Sutter Hill Ventures (Palo Alto, CA). The Drais
management team consists of highly experienced individuals with a
successful track record in the pharmaceutical industry. Prior to
forming Drais, the management team founded AkaRx, Inc. (acquired by
Eisai/MGI in 2010 for $300 million). Drais is based in Bridgewater,
New Jersey.
For more information, please visit:
http://www.draispharma.com.
About InterWest Partners
For more than 30
years InterWest (www.interwest.com) has partnered with exceptional
entrepreneurs to build winning technology and life sciences companies.
With more than 200 years of combined operating and investing
experience, our team has raised $2.8B, completed more than 70 IPOs,
and participated in nearly 60 upside acquisitions. As we invest
InterWest X, a $650M fund, we continue to believe that providing
capital is just the beginning of a long-term collaboration with
entrepreneurs to turn their vision into a thriving company.
About Sutter Hill Ventures
Sutter Hill
Ventures is a venture capital firm that finances technology-based
start-up and early-stage companies that pioneer products or services
in growth markets, especially those in information technology and
health care. Founded in 1964, it is one of Silicon Valley's original
venture capital firms. For more information about Sutter Hill
Ventures, please visit www.shv.com.
Contacts:
Astellas Pharma Inc.
Corporate
Communications
Tel: +81-3-3244-3201 Fax: +81-3-5201-7473
http://www.astellas.com/en
Drais Pharmaceuticals Inc.
Donna Tempel
President and CEO
Drais Pharmaceuticals Inc.
908-895-1211
tempel@draispharma.com
Eliot Dobris
eliot@eliotdobris.com
415-902-1241
Astellas
and Drais Partner To Develop Astellas Compound
through Telsar
InterWest
Partners, Sutter Hill Ventures and Astellas Venture Management
Invest 14 Million into Telsar to Advance Compound
TOKYO, JAPAN and BRIDGEWATER, N.J., April 25, 2012 –
Astellas Pharma Inc. (Tokyo: 4503, “Astellas”)
and
Drais Pharmaceuticals, Inc.
(“Drais”)
today announced that they
have entered into a uniquely structured partnership to develop
and commercialize an Astellas compound. As part
of the agreement, Astellas will transfer ownership of
ASP3291, a
melanocortin receptor agonist for the potential treatment of
ulcerative colitis,
from its pipeline to Telsar
Pharma, Inc. (“Telsar”), a
virtual company
that will be operated by the Drais executive team. All Telsar
development activities will be handled by the Drais executive team,
which has substantial clinical development experience.
InterWest Partners and Sutter Hill Ventures (two U.S. venture capital
firms that are the lead investors in Drais) plus Astellas Venture
Management LLC (the corporate venture capital arm of Astellas) will
invest a total of $14
million into
Telsar.
The funds will be used to further the development of ASP3291, with Drais serving as the exclusive provider of
development services.
Drais and Astellas will also seek further opportunities
to put Astellas compounds into this
innovative partnership.
“The unique structure of this partnership is reflective of Astellas’ new
‘Multi-Track
R&D’ approach,” said
Yoshihiko Hatanaka,
president and CEO of
Astellas. “This new strategy
enables us to move our promising compounds forward
without any disruption in the development process. Additionally, this
new approach allows us to
optimize
costs and
control
risks
while accessing outside capital and expertise. We believe the
partnership with Drais is an excellent opportunity for us to increase
our ability
to bring innovative medicines to patients.”
“The team at Drais is thrilled to be working again so closely with
Astellas on this innovative and creative new development model,” said
Dr. Donna L. Tempel, co-founder, president and CEO
of Drais.
“We are also grateful to our long-time investors, InterWest Partners and
Sutter Hill Ventures, for supporting the effort it took to get this
collaboration off the ground. We believe this will be a highly
beneficial partnership for all involved and hope to expand it to
additional compounds in the future.”
The participants in the
partnership have all worked together successfully in the past. Dr.
Tempel and fellow Drais co-founder, Dr. Robert E. Desjardins, were
previously the senior management of Yamanouchi R&D (a precursor company
to Astellas) in Paramus, NJ. Later they served as the executive team of
AkaRx, acquired by Eisai/MGI for $300 million in 2010. Dr. Arnold
Oronsky, general partner at InterWest, and Dr. Jeff Bird, managing
director at Sutter Hill Ventures, are both board members and investors
in Drais; they previously held the same positions at AkaRx.
Astellas Venture Management was also an investor in AkaRx.
Under the terms of the agreement, Astellas will
transfer to Telsar all rights and assets related to ASP3291, whose
Phase IIa
study is currently being initiated.
Telsar will be responsible for all development, manufacturing and
commercialization activities and their associated costs. Astellas is
entitled to receive an upfront payment and royalties on future sales
of
ASP3291. Astellas also has the right of first exclusive negotiation for
future partnering activities related to the compound and the right of
first refusal for the Japanese market. The company also has the right of
non-exclusive negotiation for other markets.
About Astellas Pharma Inc.
Astellas Pharma Inc., located in Tokyo, Japan, is a pharmaceutical
company dedicated to improving the health of people around the world
through the provision of innovative and reliable pharmaceutical
products. Astellas has approximately 17,000 employees worldwide. The
organization is committed to becoming a global category leader in
Urology, Immunology
(including
Transplantation) and Infectious Diseases, Oncology,
Neuroscience and Diabetes Mellitus (DM) Complications and
Kidney
Diseases. For more information on Astellas Pharma Inc., please visit the
company Website at
www.astellas.com/en.
About Astellas Venture Management LLC
Astellas Venture Management's mission is to invest in emerging biotech
companies that combine unique scientific capabilities with the potential
for global market leadership and a management team driven by ambition
for success of the company.
To learn more about Astellas Venture Management, please visit the
company’s website at
www.astellasventure.com.
About Drais Pharmaceuticals, Inc.
Drais Pharmaceuticals, Inc. is a privately held drug development company
dedicated to the in-licensing, development and commercialization of
novel therapeutic treatments that address unmet medical needs, providing
significant benefits over currently available therapies.
Formed in September 2007, Drais completed a Series A financing round in
January 2008 from lead investors, InterWest Partners (Menlo Park, CA)
and Sutter Hill Ventures (Palo Alto, CA). The Drais management team
consists of highly experienced individuals with a successful track
record in the pharmaceutical industry. Prior to forming Drais, the
management team founded AkaRx, Inc. (acquired by Eisai/MGI in 2010 for
$300 million). Drais is based in Bridgewater, New Jersey.
For more information, please visit:
http://www.draispharma.com.
About InterWest
Partners
For more than 30 years InterWest (www.interwest.com) has partnered with
exceptional entrepreneurs to build winning technology and life sciences
companies. With more than 200 years of combined operating and investing
experience, our team has raised $2.8B, completed more than 70 IPOs, and
participated in nearly 60 upside acquisitions. As we invest InterWest X,
a $650M fund, we continue to believe that providing capital is just the
beginning of a long-term collaboration with entrepreneurs to turn their
vision into a thriving company.
About Sutter Hill
Ventures
Sutter Hill Ventures is a venture capital firm that finances
technology-based start-up and early-stage companies that pioneer
products or services in growth markets, especially those in information
technology and health care. Founded in 1964, it is one of Silicon
Valley's original venture capital firms. For more information about
Sutter Hill Ventures, please visit www.shv.com.
Contact:
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