Mitokyne raises $45M, partners with Astellas
Mitokyne Inc. (Boston, Mass.) raised $45 million in a series A round and exclusively partnered with Astellas Pharma Inc. (Tokyo:4503) to discover and develop compounds that target mitochondrial function. Astellas, which invested in the round, has an exclusive right to acquire Mitokyne during the five-year deal. The biotech is eligible for up to $730 million, including an undisclosed upfront payment, R&D funding, milestones and acquisition payments.
Mitokyne is developing compounds that target mitochondrial function for genetic, metabolic and neurodegenerative disorders as well as aging diseases. Under the deal with Astellas, Mitokyne will discover candidates, and Astellas will be responsible for clinical development and commercialization. The companies aren't disclosing the terms of the potential acquisition but said that including Astellas' equity investment in Mitokyne, it could be over $500 million. ...