Ap­n­imed and Sh­iono­gi cre­ate $150M joint ven­ture for sleep ap­nea

Cam­bridge, MA-based Ap­n­imed and Japan­ese phar­ma com­pa­ny Sh­iono­gi have formed a joint ven­ture to team up on ob­struc­tive sleep ap­nea, or OSA, and oth­er sleep dis­or­ders.

Ap­n­imed de­scribed it as a “$150 mil­lion trans­ac­tion” and said Tues­day night that Sh­iono­gi was con­tribut­ing cash to the JV and buy­ing eq­ui­ty in the biotech. Ap­n­imed de­clined to com­ment on the fi­nan­cial break­down of the deal.

The deal does not cen­ter around Ap­n­imed’s lead oral drug, AD109, which en­tered two large Phase III tri­als for OSA this fall as the biotech looks to take over the old and some­times in­ef­fec­tive method of us­ing CPAP ma­chines to off­set the dis­rup­tive con­di­tion. Nor does it in­clude Ap­n­imed’s oth­er clin­i­cal pro­gram, Phase II-stage AD504.

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