Just a few months after the proposed marriage of Presidio Pharmaceuticals and BioCryst fell apart at the altar, Presidio has rebounded with a new hepatitis C collaboration with pharma powerhouse Boehringer Ingelheim.
Ever since BioCryst Pharmaceuticals and Presidio Pharmaceuticals agreed to a $101 million merger deal in October, BioCryst has suffered a string of pipeline disasters. This morning Presidio and BioCryst revealed that the companies have come to a "mutual" decision to kill the merger agreement that was seen as a way for BioCryst to raise its holdings in the hot market for hepatitis C drugs.
The Durham, NC-based BioCryst will gain some early-stage hepatitis C drug components as it absorbs Presidio Pharmaceuticals into the company, which will seek a new identity under a different name. The deal is also tied to a $60 million financing pact.
With help from new investor New Leaf Venture Partners, Presidio Pharmaceuticals has closed a $27 million financing, bringing the company's total amount of funds raised to $54.5 million. Existing
San Francisco-based Presidio Pharmaceuticals, which is focused on developing therapies for chronic viral infections, has garnered $26 million in its second round. Panorama Capital led the round with