Anacor attracts big pharma investment
This article was originally published in Scrip
Executive Summary
Anacor Pharmaceuticals has raised $50 million after two major pharmaceutical firms joined other investors in an equity financing. GlaxoSmithKline and Schering-Plough joined a host of venture capitalists to advance Anacor's product development. GSK and Schering-Plough will together own less than 20% of Anacor and their investment fulfils obligations related to ongoing collaborations with the company. The proceeds will allow Anacor to develop its five clinical programmes and identify new compounds derived from its boron chemistry platform. Anacor's lead compound is AN2690, a novel topical antifungal for the treatment of toenail onychomycosis, a fungal infection of the nail and nail bed. The candidate is licensed to Schering-Plough for all indications.