Novartis Eyes Gene Therapy Growth With Vedere Acquisition
Paying $150m Upfront
The Swiss major is paying up to $280m to buy Vedere Bio, which has developed photoreceptor-protein based optogenetic therapies that are delivered to the retina intravitreally to restore vision.
You may also be interested in...
Private Company Edition: More $100m-plus mega-rounds means another billion-dollar week for venture capital deals, including financings for G2 Bio, Hummingbird and Numab. Also, BioTheryX brings in $92m, Vedere launches with $77m and Eliem raises $60m two months after launching with $80m.
Fresh cash will help advance the UK firm's one-time investigational gene therapy for geographic atrophy and a listing in the US is in the offing.
Having worked with the Cambridge, MA-based neurology specialist for five years on a treatment-resistant depression drug, Novartis has decided to buy all of Cadent in a deal that could be worth up to $770m.