Elevation Pharmaceuticals, Dainippon Sumitomo deal
Dainippon's Sunovion Pharmaceuticals Inc. subsidiary will acquire Elevation for $100 million up front and up to $300 million in development and commercial milestones related to chronic obstructive pulmonary disease (COPD) product EP-101. Elevation is also eligible for up to $30 million in milestones tied to development of additional new programs. The boards of both companies approved the deal. Since its formation in 2008, Elevation has raised $44 million from venture capital investors, including Canaan Partners; Novo Ventures; TPG Biotech; Care Capital; and Mesa Verde Venture Partners.
Sunovion said the deal will complement its marketed respiratory portfolio, which includes asthma drug Alvesco ciclesonide, COPD treatment Brovana arformoterol tartrate and bronchospasm therapy Xopenex levalbuterol. ...