Akebia Therapeutics, a US-based biotech company spun out from consumer goods company Procter & Gamble, has raised $41m in its series C round. Satter Investment Management, a private equity firm, led the most recent funding round, which also included venture capital firms Triathlon Medical Ventures, CincyTech, Blue Chip Venture Company, Queen City Angels and Fort Washington Capital Partners Group. It previously raised $50m from a consortium including drugs group Novartis’s corporate venturing unit. Akebia licensed P&G’s most promising drug programs its pharmaceutical division was shut in 2007 and was co-founded by Joseph Gardner and Robert Shalwitz. 

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