Drais, Seldar, Astellas deal

Astellas and Drais 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.

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 next quarter. Astellas is eligible for a milestone payment and royalties. ...