AstraZeneca raises $200M from its latest asset sale; Austin-based Lung Therapeutics raises $14M in venture cash
→ AstraZeneca has sold the rights to its migrane drug, Zomig for $200 million upfront and $102 million in milestones. Germany-based Grünenthal will gain the rights to market and sell the drug outside of Japan. The sale comes as the AstraZeneca is aiming to mount a comeback and refocus on oncology, which it emphasized at ASCO last weekend. In the meantime, the pharma giant has been selling off a string of non-core or disappointing therapies to raise cash.
→ Austin, TX-based Lung Therapeutics successfully completed Series B financing with $14.3. The round was led by Bio Partners and an existing invetsor, UT Horizon Fund. The company is focused on non-surgical interventions for lung injury and disease due to fibrosis.
→ Aimmune celebrated the completion of its commercial manufacturing facility in Clearwater, FL which will be tasked with manufacturing AR101, which is currently in Phase III to treat peanut allergies. Last year, Nestle invested in 7.6 million shares of the Brisbane, CA-based biotech.