ChemoCentryx, Galenica deal
ChemoCentryx granted Galenica’s Vifor Pharma Ltd. subsidiary exclusive rights to commercialize CCX168 in Europe, Canada, Mexico, Central and South America and South Korea. ChemoCentryx will receive $85 million up front, including $60 million in cash and $25 million in an equity investment through the purchase of 3.3 million shares at $7.50. The share price is a 257% premium to ChemoCentryx’s closing price of $2.10 on May 9, the day before the deal was announced. ChemoCentryx also is eligible for undisclosed milestones, plus tiered double-digit royalties. The company said the total deal value is just under $600 million. ChemoCentryx expects to begin Phase III testing by year end of the small molecule complement receptor 5a (C5aR; CD88) inhibitor to treat antineutrophil cytoplasmic antibody (ANCA)-associated vasculitis. ...