Creathor’s portfolio company Phenex Pharmaceuticals announces acquisition of its development program for non-alcoholoic steatohepatitis (NASH) and other liver diseases by Gilead Sciences, Inc., for up to $470m
January 7, 2015 – Bad Homburg, Ludwigshafen/Heidelberg, Foster City, CA
Gilead Sciences, Inc. (Nasdaq: GILD) and Phenex Pharmaceuticals AG, a Creathor portfolio company, today announced the signing of a definitive agreement under which Gilead will acquire Phenex’s Farnesoid X Receptor (FXR) program comprising small molecule FXR agonists for the treatment of liver diseases incl. nonalcoholic steatohepatitis (NASH). Under the terms of the agreement, Gilead will pay Phenex an upfront payment plus additional payments based upon achievement of certain development milestones that may potentially be worth up to $470 million.
The Creathor Venture funds have been investors in Phenex Pharmaceuticals AG since 2008.
NASH is a common, serious chronic liver disease characterized by inflammation and excessive fat accumulation in the liver and may lead to progressive fibrosis, cirrhosis and liver failure. NASH is estimated to affect 10 to 20 percent of people in the developed world. There are currently no approved therapies to treat NASH. FXR is a nuclear hormone receptor that regulates bile acid, lipid and glucose homeostasis, which can help reduce liver steatosis and inflammation, and may help prevent liver fibrosis.
Please visit http://www.phenex-pharma.com/en/news-and-more/press-releases/ for further information.