On heels of trial readout, Frequency out-licenses hearing loss therapy to Astellas

Frequency has found a partner in Astellas for its regenerative therapy to treat hearing loss in a deal that will support development of FX-322 as it moves into Phase IIa testing next quarter.

Astellas Pharma Inc. (Tokyo:4503) will pay Frequency Therapeutics Inc. (Woburn, Mass.) $80 million up front for exclusive rights outside the U.S., adding to the regenerative medicine company’s January $42 million series B round. Frequency will be eligible for $545 million in development and commercial milestones, plus double-digit royalties (see “Frequency Raises $42 Million Series B”)...