Japan's Astellas Pharma leads US-based Mitokyne $45m Series A round
Astellas Pharma, a Tokyo-listed pharmaceutical firm, has led a $45 million Series A round of investment in US biotech start-up Mitokyne, alongside MPM Capital and Longwood Founders Fund.
The investment coincides with an exclusive R&D collaboration between Astellas and Mitokyne to discover and develop drugs for tackling mitochondria-related diseases - these include genetic, metabolic or neurodegenerative disorders commonly associated with ageing.
According to a release, Astellas has the exclusive rights to acquire Mitokyne during certain periods over the five-year term of the agreement. With the inclusion of R&D funding, acquisition and milestone payments, the total value of the agreement could reach up to $730 million. Ansbert Gadicke, managing director of MPM, and Rich Aldrich of Longwood will join Mitokyne's board alongside a designee from Astellas.
"This R&D partnership is an excellent opportunity for Astellas to utilize more external capabilities and resources, and to undertake initiatives related to new therapeutic areas," said Yoshihiko Hatanaka, president and CEO of Astellas.
"Through this partnership, we expect to pursue advanced drug discovery and establish a winning model with which it can solidify its position as the leader in the field of mitochondria-related diseases, and eventually develop advanced medical solutions for patients around the world, adding to our portfolio of innovative new drugs."
Tokyo-headquartered Astellas came into existence following the 2005 merger of Yamanouchi Pharmaceutical and Fujisawa Pharmaceutical. The company - which has JPY101 million in capital as of March this year - has operations across 17 locations in Asia, Europe and the Americas.
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