Burrill Merchant Banking advises Mitsubishi Tanabe Pharma Corporation on transactions with Cytochroma Inc.September 08, 2008
San Francisco, CA – September 8, 2008 - Burrill Merchant Banking LLC acted as the exclusive financial advisor to Mitsubishi Tanabe Pharma Corporation (MTPC) on obtaining an exclusive license to Cytochroma Inc.’s CTA018 compound for the US and certain Asian territories, as well as leading Cytochroma’s CDN $45 million Series C financing round. The agreement also grants MTPC access to related follow-on compounds to CTA018 for the same territories, with Cytochroma retaining all rights to CTA018 and these follow-on compounds in regions outside the U.S. and Asia.
CTA018 is the first compound in a new class of active vitamin D analogs having a novel dual mechanism of action. CTA018 is entering Phase II development in Canada for the treatment of secondary hyperparathyroidism (“SHPT”). CTA018 Injection was well tolerated in Phase I clinical evaluations where it produced clinically meaningful reductions in blood levels of intact parathyroid hormone (iPTH) after less than two weeks of administration. Excessive levels of iPTH cause calcium to be released from bone and into the blood, increasing the risk of bone disease (renal osteodystrophy) and calcification of vascular and other soft tissues.
Under the terms of the agreements, Cytochroma may receive up to a total of CDN $105 million, including upfront and milestone payments and the equity investment. MTPC and Cytochroma will jointly develop and commercialize CTA018 in the United States. In Asia, including Japan, MTPC has full rights and responsibilities for product development, approval, and commercialization.
About Burrill Merchant Banking
Burrill Merchant Banking assists life science companies in identifying, negotiating and closing strategic transactions. Service lines include:
• Mergers & Acquisitions
• Strategic Partnering from preclinical research to product development and commercialization
• Spin-Outs and Divestitures
• Financing (Private Placements)
• Advisory Services
About Burrill & Company
Founded in 1994, Burrill & Company is a San Francisco-based global leader in life sciences with activities in Venture Capital, Private Equity, Merchant Banking and Media. The Burrill family of venture capital funds has over $950 million under management and its merchant banking business is one of the industry leaders in life sciences transactions. The company’s 60 person scientific and business team, supported by its 40-person Advisory Boards, the strategic and financial network of its limited partners, and the close relationships developed with numerous life sciences companies and management, provide Burrill with unparalleled access and insight.
Burrill is also the creator, sponsor and facilitator of over a dozen leading industry conferences worldwide and publisher of a wide range of bio-intelligence reports including its monthly Burrill Biotechnology Report and annual “State of the Industry” report, the 22nd Edition is entitled Biotech 2008: Life Sciences – A 20/20 Vision to 2020. These publications provide the latest insight and intelligence on the life sciences industry.
Contact: James Watson, Managing Director, Head of Merchant Banking
Burrill & Company
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