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Takeda veterans, Frazier launch Phathom with $90M to develop GI drug vonoprazan

May 15, 2019 9:22 PM UTC

Marking the partners' second company launch with a Takeda-discovered asset, Frazier Healthcare Partners and the Japanese pharma launched Phathom with rights to gastrointestinal drug vonoprazan. The start-up, which will focus on developing treatments for acid-related disorders, also raised $90 million in a private financing led by the firm and completed a $50 million loan facility with Silicon Valley Bank.

Phathom Pharmaceuticals LLC (Menlo Park, Calif.) gains development and exclusive commercialization rights to vonoprazan in the U.S., Europe and Canada. Takeda Pharmaceutical Co. Ltd. (Tokyo:4502; NYSE:TAK) will receive an upfront payment and equity in Phathom, and is eligible for milestones and royalties. Phathom co-founder, board member and interim CEO David Socks, who is also venture partner at Frazier, declined to disclose financial terms...