BioCentury
ARTICLE | Finance

Medicxi’s orexin dream deal

Why Medicxi, Heptares partnered to spin out orexin agonist programs

February 8, 2019 11:37 PM UTC

Sleep disorder spinouts Orexia Ltd. and Inexia Ltd. were created to marry Medicxi’s keen interest in agonizing orexin and Heptares Therapeutics Ltd.’s desire to find creative ways to fund its pipeline.

Medicxi will invest up to €40 million ($45.8 million) in a tranched investment across both companies, while the Sosei Group Corp. (Tokyo:4565) unit retains an equity stake in each newco and is eligible for development milestones. Heptares will receive R&D payments as the biotech will conduct most of the R&D for the virtual newcos. Details aren’t disclosed...