Genentech acquires Afraxis' therapeutic business
Genentech Inc. acquired from Afraxis Inc. (San Diego, Calif.) its therapeutic business, which comprises a portfolio of compounds against undisclosed, novel targets that Afraxis said covers a range of neurology, inflammation and cancer indications. Afraxis, which was founded by sole investor Avalon Ventures in 2007, is eligible to receive up to $187.5 million in an undisclosed upfront payment and milestones. Jay Lichter, who is a managing partner at Avalon and president and CEO of Afraxis, declined to disclose how much Avalon invested in Afraxis.
Lichter said that over the next couple of months, Afraxis will spin out its CNS supply/service business and then wind down remaining operations. The supply/service business comprises Afraxis' high content analysis platform, which quantitatively evaluates the efficacy of CNS compounds by determining population profiles of dendritic spine shape and size, as well as synaptic function. ...