Bankrupt PhaseBio settles with investor-partner, handing off late-stage drug
SFJ Pharmaceuticals is declaring the final victory in its legal tussle with PhaseBio over a blood thinner reversal agent.
Backed by Abingworth and Blackstone, San Diego-based SFJ first inked a deal two years ago to provide PhaseBio with up to $120 million in clinical development funding in exchange for payments following regulatory approvals of PhaseBio’s lead drug. When PhaseBio revealed to investors that it was struggling financially, SFJ — which had poured in $99 million by then — demanded that it hand over the drug.
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