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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