Astellas, Drais form newco to develop Astellas nocturia compound

Astellas Pharma Inc. (Tokyo:4503) and Drais Pharmaceuticals Inc. (Bridgewater, N.J.) partnered to form a virtual company -- Tacurion Pharma Inc. -- to develop and commercialize Astellas' ASP7035 for nocturia. Tacurion will own all rights and assets related to the vasopressin 2 (V2) receptor agonist, which is slated to start Phase II testing next quarter. Astellas, which has an option to acquire Tacurion following the Phase II trial, is eligible for an undisclosed milestone, plus royalties. Tacurion raised $15 million from InterWest Partners; Sutter Hill Ventures; and Astellas Venture Management and will be managed by Drais' executive team. ...