BMS Bets On Amira's IPF Drug In $325M Acquisition
This article was originally published in The Pink Sheet Daily
The deal expands BMS's inflammatory disease holdings while bringing double-digit returns to the six-year-old startup's earliest investors.
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Bay City Capital will back the PharmAkea with a $10 million Series A financing. Celgene also holds an undisclosed equity stake in the new company, under a three-year, $35 million R&D funding agreement with options to extend the arrangement or acquire the firm.
The British pharma has done the biggest takeout of a private, clinical-stage European biotech so far this year. It is focused on a Phase I RSV vaccine and a T-cell stimulating technology. As for VCs, they have nabbed roughly a 10x return on their invested capital.