Amgen, Ilypsa Spin Out Relypsa To Further Cardiovascular, Renal Pipeline
This article was originally published in The Pink Sheet Daily
Executive Summary
Privately-held biopharma will have a pipeline of potassium binder drug candidates in early development.
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Amgen has spun a new company, Relypsa, out of its Ilypsa subsidiary, which will oversee a pipeline of early-stage drug candidates, including a potassium binder for the treatment of hyperkalemia. The new, privately held biopharma was formed with the completion of $33 million in financing, Relypsa announced Oct. 29. "Amgen is pleased to help provide the opportunity for experienced scientists to pursue the promising, early-stage polymeric research programs that they originated at Ilypsa," the company said. "Transferring these programs to Relypsa is the most efficient way to ensure that these innovative therapeutics reach the patients who need them." Amgen acquired Santa Clara, Calif.-based Ilypsa in July for $420 million, gaining access to the firm's lead candidate, the Phase II phosphate binder ILY101 for treatment of hyperphosphatemia in chronic kidney disease patients on hemodialysis (1 (Also see "Amgen Gains Phase II Phosphate Binder With Acquisition of Ilypsa" - Pink Sheet, 5 Jun, 2007.)). Development of the candidate, now known as AMG 223, will continue to be overseen by Amgen. Amgen will also own a minority equity stake in Relypsa and have certain rights to programs transferred to the company. Relypsa will own a propriety polymer drug discovery platform and a pipeline of drugs for renal and cardiovascular diseases. Its latest-stage candidate, ILY-105 for hyperkalemia, is expected to enter the clinic in 2008. Another drug in development is ILY-102, a novel sodium binder for the treatment of congestive heart failure. The new company will be led by Ilypsa's former management team, including CEO Jay Shepard. Other former Ilypsa appointments include Gerrit Klaerner to chief operating officer, Detlef Albrecht to chief medical officer and Jerry Buysse to chief scientific officer. The company will employ a total of 38 former Ilypsa employees. The $33 million in Series A financing was led by 5AM Ventures and New Leaf Venture Partners, with participation from the Sprout Group, Delphi Venture, CMEA Ventures and Mediphase Venture Partners. -Jessica Merrill ([email protected]) |