Epirus raises $36 million, to reverse-merge
Biosimilar company Epirus Biopharmaceuticals Inc. (Boston, Mass.) raised $36 million in a series B round and said it will reverse-merge with Zalicus Inc. (NASDAQ:ZLCS) in an all-stock deal. The combined, publicly traded company will retain Epirus' name and focus on biosimilars. Epirus President and CEO Amit Munshi will be president and CEO, and Zalicus President and CEO Mark Corrigan will be chairman. Epirus shareholders will own 81-86% of the combined company and Zalicus shareholders the balance, depending on Zalicus' net cash when the deal closes. At Dec. 31, 2013, Zalicus (formerly CombinatoRx Inc.) had $18 million in cash.
Epirus' lead product is BOW015, a biosimilar version of autoimmune drug Remicade infliximab from Johnson & Johnson (NYSE:JNJ) and Merck & Co. Inc. (NYSE:MRK). Early next year, Epirus plans to start a European Phase III trial of BOW015. The company submitted a regulatory application for BOW015 in India in November and in January said it would submit applications in "targeted emerging markets" over the next 12 months. Zalicus' only clinical-stage product is Z944, a T-type calcium channel blocker that has completed Phase I testing for pain. 5AM Ventures' Scott Rocklage, an Epirus director, said Epirus does not plan on continuing internal development of Z944 but may out-license the product. ...