Sagent Pharmaceuticals has lined up $53 million in venture financing, a big first round for the start-up based in Schaumburg, IL. Vivo Ventures led the round for Sagent, which was launched in 2006.
"This venture funding enables us to quickly advance many of our recent development efforts into near-term commercialization while accelerating development of our extensive pipeline," said Jeffrey M. Yordon, CEO. "We are confident that our strong financial position and experienced management team, combined with the extensive experience and capabilities of our business partners, positions us to achieve rapid success in our target specialty product market."
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ALSO: Sequel Pharmaceuticals has garnered $20 million in first round funds to develop an experimental therapy for atrial fibrillation that was spun out of NovaCardia after that company was acquired by Merck. Sequel's management is looking to in-license other cardiovascular drugs. Previous NovaCardia investors Domain Associates, Forward Ventures, InterWest Partners, Montreux Equity Partners, and Skyline Ventures participated in the Series A. ReleaseÂ