Chinese rare disease player inks first deal around narcolepsy drug Wakix after grabbing $80M to build an ecosystem
Two months ago, the narcolepsy therapy Wakix propelled Harmony Biosciences to a $128 million debut on Nasdaq. Now, the same drug is serving as the foundation for a Chinese biotech looking to pioneer a rare disease platform in the country.
Citrine Medicine — which closed $80 million in Series A funding in July — was incubated by F-Prime and Eight Roads, two VC funds affiliated with Fidelity Investments, and Vivo Capital. The trio saw an opening in China to replicate in the vibrant orphan drug landscape in the US and, to a lesser extent, Europe.