Frazier adds $780M fund for its ‘growth buyout’ team; FDA pushes back its deadline on AbbVie's elagolix; Promethera buys NASH drug
→ Frazier Healthcare Partners has put together a $780 million fund for its “growth buyout” group to invest. A busy life sciences investor, this new fund is their second aimed at profitable healthcare companies in the lower end of the middle market. Frazier, with offices in Silicon Valley and Seattle, planned to invest this money in healthcare and pharmaceutical services, medical products and related sectors. “We are appreciative of the continued support from our existing investors and pleased to have added a few new select blue-chip limited partners that together represent a world-class group of investors,” said Nader Naini, managing partner at Frazier Healthcare Partners. “The commitment and confidence they have shown in our team is directly related to our rich 27-year history of developing category-leading healthcare companies. The team is particularly gratified by the overwhelming response to this offering.”
→ AbbVie $ABBV isn’t going to get a priority review for its late-stage drug elagolix after all. The pharma company said Tuesday that the FDA needs more time to evaluate the data it provided on the drug, extending the PDUFA date by 3 months and shoving a decision into Q3. The drug was filed for endometriosis-related pain. “Based on our review of the data, we remain confident in our New Drug Application for elagolix in the treatment of endometriosis-associated pain,” said R&D chief Michael Severino.
→ Belgium’s Promethera Biosciences has acquired a Swiss biotech called Baliopharm, adding a TNF-R1 drug for their program on NASH. The biotechs are keeping the terms under wraps, but Promethera also raised $11.5 million through the sale of convertible bonds. New Japanese investors subscribing the bonds were Shibuya Corporation and Shinsei Corporate Investment.