Aristea plots path forward in rare skin disease with $63M series B, Arena deal
Arena obtains option to acquire well-funded AZ spinout after palmoplantar pustulosis readout
A deal with Arena and a new series B round will give Aristea sufficient cash to build a pipeline as it prepares to start a Phase IIb study of its lead program to treat a rare autoimmune disease, while positioning the biotech for one potential outcome: an acquisition.
The three-year-old spinout from AstraZeneca plc (LSE:AZN; NYSE:AZN) will add $123 million to its balance sheet in total. A syndicate led by Fidelity is supplying $63 million in a series B round, and Arena Pharmaceuticals Inc. (NASDAQ:ARNA) is committing $60 million up front to collaborate on development of CXCR2 inhibitor RIST4721. Arena is also investing $10 million in the series B...