PhaseBio details dollars in AstraZeneca deal as it rolls out a plan for $86M-plus IPO
It turns out the $34 million Series D PhaseBio announced just days ago was a prelude to a bigger story: With its newly honed orphan disease-focused strategy, the biotech is angling for an IPO worth at least $86 million.
The main draw remains PB2452, a reversal agent for the blood thinner Brilinta (ticagrelor) for use in acute situations where patients are experiencing active bleeding or require urgent surgery. PhaseBio licensed the drug — also known as an anti-anti-coagulant — late last year from MedImmune without disclosing the terms; we now know the deal is heavily back-ended with an upfront fee of only $100,000 and $68 million in total potential milestones.
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