Astellas contributes to Mitokyne's $45mm Series A

Mitokyne Inc. (developing drugs that improve mitochondrial function) raised $45mm in Series A funding from Astellas Pharma Inc., MPM Capital, and Longwood Founders Fund, which each add a board member. Concurrent with the financing, the company and Astellas penned a deal in which Mitokyne agreed to lead the research and discovery activities, while Astellas handles all clinical development and commercialization. The drug candidates will be aimed at mitochondria-related diseases such as genetic, metabolic, and neurodegenerative conditions and aging. In addition to getting a license to any drugs, Astellas also has the exclusive right to acquire Mitokyne outright during certain periods of their five-year alliance. Money for the acquisition alone could reach $500mm, which includes Astellas’ investment in the Series A.