Elevation, which is backed by quasi-corporate venturing unit Novo Ventures, could receive further payments of up to $240m should it meet product development milestones.
Sunovion Pharmaceuticals, a subsidiary of Japanese Dainippon Sumitomo Pharma Corporation has acquired San Diego based Elevation Pharmaceuticals for $100m with additional $240m upon meeting product development milestones.
Elevation Pharmaceuticals, founded in 2008, is a privately held pharmaceutical company with an EP-101 aerosol medication for severe chronic obstructive pulmonary disease, which is currently undergoing clinical trials.
Sunovion will pay Elevation’s shareholders $100m upfront to aquire the firm, with an additional $90m if EP-101 achieves milestone targets as set out by…
