Astellas, Drais form newco to develop Astellas' IBS product

Astellas Pharma Inc. (Tokyo:4503) and Drais Pharmaceuticals Inc. (Bridgewater, N.J.) partnered to form virtual company -- Seldar Pharma Inc. -- that will develop and commercialize Astellas' ASP7147 for irritable bowel syndrome with diarrhea. Seldar, which will be managed by Drais' executive team, raised $13 million from InterWest Partners; Sutter Hill Ventures; and Astellas Venture Management.

Seldar will own all rights and assets related to the gastrin-releasing peptide receptor ( GRP-R; BB2) antagonist, which is in Phase I testing for the indication. Seldar plans to start a Phase Ib trial in the next few months. Astellas is eligible for a milestone payment and royalties. ...