Wilmar Ventures backs Alzheimer's specialist Accera
Wilmar Ventures, an investment arm of Asian agribusiness conglomerate Wilmar International, has led a $50 million funding round for Accera, a developer of treatments for Alzheimer’s disease.
The company has also announced that it will change its name to Cerecin and relocate its headquarters from the US to Singapore. Other investors in the round – which comprises equity and non-dilutive grants – include Inventages, a life sciences and healthcare-focused private equity fund backed by Nestle Group. Inventages first backed Cerecin in 2006.
Founded in 2001, Cerecin describes itself as a brain health specialist that develops pharmaceuticals, medical foods, diagnostics, medical devices and e-health products. It currently has two products: Axona, a medical food for the dietary management of Alzheimer's; and Tricaprilin, a drug intended to treat the deficient glucose metabolism that is characteristic of Alzheimer's. Axona is being primed for launch in Asia Pacific.
The company said it chose Singapore as the new base for its global clinical operations, manufacturing and commercial teams due to the city-state's strong infrastructure, skilled workforce, and world-class science ecosystem. Cerecin received support and guidance from Singapore's Economic Development Board (EDB) as part of efforts to build local competency in biotech and life sciences.
The new name is a combination of the words cerebrum, the Latin word for brain, and medicine. It is intended to affirm the company's commitment to brain health.
"We are excited to be investing in Cerecin and see this as a strong investment and strategic opportunity for Wilmar. With a rapidly aging population in Asia Pacific, and in particular China, we recognize the increasing importance of dementia and brain health as priorities on healthcare agendas throughout the region. There are many potential synergies between Wilmar, Cerecin and Nestlé that span manufacturing, R&D and commercialization," said Gurpreet Singh Vohra, head of business development at Wilmar International, in a statement.
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