Takeda Licenses Global Rights to Outpost for Novel Clinical Stage Compound for the Potential Treatment of Stress Urinary Incontinence
Frazier Leads $41 Million Series A Financing Joined by Adams Street Partners, Novo A/S, and Vivo Capital
Osaka, Japan, March 15, 2016, and Menlo Park, Calif., March 14, 2016 – Takeda Pharmaceutical Company Limited (TSE: 4502) and Frazier Healthcare Partners today announced the formation of Outpost Medicine, a biopharmaceutical company focused on the development of new treatments of urologic and gynecologic diseases and disorders.
In exchange for undisclosed financial terms, Takeda has granted an exclusive license to Outpost for the worldwide development and commercialization rights to OP-233 (formerly TAK-233), a clinical-stage product candidate being studied for the treatment of stress urinary incontinence.
"With Takeda strengthening its focus around the core therapeutic areas of oncology, gastroenterology and central nervous system diseases, it is important that we seek alternatives to further develop and create value around promising assets that lay outside these areas of focus," said Andrew Plump, M.D., Ph.D., Chief Medical and Scientific Officer of Takeda. "The formation of Outpost represents an innovative partnership arrangement to further advance one such asset in hopes of bringing a new treatment to patients in need."
"We are very pleased to partner with Takeda in the creation of Outpost Medicine," said Tachi Yamada, M.D., Chairman and co-founder of Outpost and Venture Partner with Frazier Healthcare Partners. "Stress urinary incontinence is an often debilitating condition with a major impact on quality of life for those who suffer from it. It is also very common with more than 18 million adults afflicted in the U.S. alone. Despite the enormity of the unmet medical need, there are no pharmacologic agents approved in the U.S. to treat stress urinary incontinence, and drugs for other forms of incontinence like overactive bladder are ineffective for this condition."
"We believe OP-233 is an exceptional asset around which to form Outpost Medicine," said David Socks, interim Chief Executive Officer and co-founder of Outpost and Venture Partner with Frazier Healthcare Partners. "With leadership from a world-class team and support from a premier group of life science venture investors, we believe Outpost has the essential elements to create a leading company developing therapeutics in urology and gynecology."
In connection with the license, Outpost has completed a $41 million financing led by Frazier Healthcare Partners and including Adams Street Partners, Novo A/S, and Vivo Capital. Joining Tachi Yamada and David Socks on the Outpost board of directors are Dan Estes, Ph.D., Principal of Frazier Healthcare Partners, Terry Gould, Partner and Head of Direct Investments of Adams Street Partners, Peter Bisgaard, Senior Partner of Novo Ventures (US) Inc., and Chen Yu, M.D., Managing Partner of Vivo Capital.
About Stress Urinary Incontinence
Stress urinary incontinence occurs when physical movement or activity, such as coughing, sneezing, laughing, exercise, or heavy lifting put pressure (physical stress) on weakened urethral sphincter or pelvic floor muscles resulting in unintentional loss of urine. Stress urinary incontinence is distinct from urge incontinence, also known as overactive bladder (OAB), which is caused by involuntary contraction of bladder muscles.
About Frazier Healthcare Partners
Founded in 1991, Frazier Healthcare Partners is a leading provider of growth capital to healthcare companies. The firm has over $2.8 billion in committed capital under management and has made investments in over 170 healthcare companies with investment types ranging from company creation and venture capital to growth buyouts and leveraged recapitalizations. Frazier's experienced team takes an active approach to helping build portfolio companies, leveraging the team's deep domain expertise and expansive network of healthcare executives, advisors and industry thought leaders. The firm's Growth Buyout team invests in profitable companies focusing on healthcare services, pharmaceutical services, medical products, and related sectors. The firm's Life Sciences team invests in therapeutics and related areas that are addressing unmet medical needs through innovation. Frazier has offices in Seattle, Washington and Menlo Park, California, and invests broadly across the United States, Canada, and Europe. Additional information about Frazier is available through its website, www.frazierhealthcare.com.
Takeda Pharmaceutical Company Limited is a global, R&D-driven pharmaceutical company committed to bringing better health and a brighter future to patients by translating science into life-changing medicines. Takeda focuses its research efforts on oncology, gastroenterology and central nervous system therapeutic areas. It also has specific development programs in specialty cardiovascular diseases as well as late-stage candidates for vaccines. Takeda conducts R&D both internally and with partners to stay at the leading edge of innovation. New innovative products, especially in oncology and gastroenterology, as well as its presence in emerging markets, fuel the growth of Takeda. More than 30,000 Takeda employees are committed to improving quality of life for patients, working with our partners in health care in more than 70 countries. For more information, visit http://www.takeda.com/news/
Takeda's Forward-Looking Statements
This press release contains "forward-looking statements." Forward-looking statements include all statements other than statements of historical fact, including plans, strategies and expectations for the future, statements regarding the expected timing of filings and approvals relating to the transaction, the expected timing of the completion of the transaction, the ability to complete the transaction or to satisfy the various closing conditions, future revenues and profitability from or growth or any assumptions underlying any of the foregoing. Statements made in the future tense, and words such as "anticipate," "expect," "project," "continue," "believe," "plan," "estimate," "pro forma," "intend," "potential," "target," "forecast," "guidance," "outlook," "seek," "assume," "will," "may," "should," and similar expressions are intended to qualify as forward-looking statements. Forward-looking statements are based on estimates and assumptions made by management that are believed to be reasonable, though they are inherently uncertain and difficult to predict. Investors and security holders are cautioned not to place undue reliance on these forward-looking statements.
Forward-looking statements involve risks and uncertainties that could cause actual results or experience to differ materially from that expressed or implied by the forward-looking statements. Some of these risks and uncertainties include, but are not limited to: required regulatory approvals for the transaction may not be obtained in a timely manner, if at all; the conditions to closing of the transaction may not be satisfied; competitive pressures and developments; applicable laws and regulations; the success or failure of product development programs; actions of regulatory authorities and the timing thereof; changes in exchange rates; and claims or concerns regarding the safety or efficacy of marketed products or product candidates in development.
The forward-looking statements contained in this press release speak only as of the date of this press release, and neither Outpost, Frazier, nor Takeda undertakes any obligation to revise or update any forward-looking statements to reflect new information, future events or circumstances after the date of the forward-looking statement. If one or more of these statements is updated or corrected, investors and others should not conclude that additional updates or corrections will be made.
For Outpost Medicine:
For Frazier Healthcare Partners: