A little more than three months since Elevation Pharmaceuticals boasted about the "gold standard" Phase IIb data generated by its nebulized LAMA product for COPD, Sunovion has stepped in to buy the company in a $430 million deal.
Marlborough, MA-based Sunovion, formerly Sepracor, is putting down $100 million to buy the company and its lead drug EP-101, promising $90 million in research milestones, $210 million in commercial milestones and another $30 million if they see some additional advances on new products.
"The acquisition of Elevation Pharmaceuticals will further strengthen and diversify our respiratory pipeline and portfolio, and enable Sunovion to continue to meet the needs of people living with respiratory diseases and the healthcare providers who treat them," said Hiroshi Nomura, vice chair of Sunovion Pharmaceuticals.
Earlier this year Elevation raised a $30 million round from a group of backers including Novo Ventures, Canaan Partners, TPG Biotech, Care Capital and Mesa Verde Venture Partners. The strong investment underscores the vitality of R&D work in the COPD field, where several Big Pharma companies have been avidly pushing new therapeutics like QVA149 and Relovair.
"Nebulized medicine is an important treatment option for older and sicker patients--the fastest growing segment within COPD," observed Bill Gerhart, the founder and CEO of Elevation.
- here's the press release
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