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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