Ko­di­ak’s Eylea con­tender falls flat in PhI­II, wip­ing out near­ly $2B in val­ue

Last Ju­ly, Ko­di­ak Sci­ences turned down a $125 mil­lion pay­ment from the in­vest­ment firm Bak­er Bros. The sec­ond and fi­nal in­stall­ment from a $225 mil­lion deal signed in 2019, it would have seen Ko­di­ak ac­cept cash now in ex­change for a chunk of the roy­al­ties from its ex­per­i­men­tal eye dis­ease drug KSI-301.

If KSI-301 proved ef­fec­tive, it would be shrewd: By pulling out, Ko­di­ak shrunk the to­tal roy­al­ty Bak­er Bros. could re­ceive from $1 bil­lion to $450 mil­lion.

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