Avalyn raises $175M to test inhaler versions of IPF medicines in PhII trials
Avalyn Pharma announced Wednesday that it closed a $175 million Series C round, which it plans to put toward two Phase II studies of inhaled versions of idiopathic pulmonary fibrosis drugs.
Avalyn wants to test an inhaled version of pirfenidone in a Phase IIb study. The pill is marketed as Esbriet by Roche, though it lost patent exclusivity last year. Roche went to court in an attempt to keep generics from entering the market but did not succeed, and in May of last year, Sandoz launched a generic version of the drug. Roche earned over $1 billion from Esbriet in 2021, but sales have fallen substantially from the new competition. In its second-quarter report in July, Roche said Esbriet sales had fallen 78% compared to last year.
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