Purdue subsidiary nabs non-opioid drug for pain; OrbiMed backs small biotech's 'superior' drug
11 Aug 2021
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As Purdue Pharma reaches the final stages of a massive bankruptcy deal centered around its responsibility in the opioid crisis, one of its subsidiaries is quietly building a portfolio of non-opioid treatments for pain.
Stamford, CT-based Imbrium has exercised its option to license what’s formerly known as ALV-107 from PureTech Health, whose affiliate Alivio Therapeutics had devised a way to bind selectively to inflamed tissue and achieve targeted immunomodulation.
Purdue paid $14.75 million back in early 2019 to partner on the particular program for interstitial cystitis/bladder pain syndrome, before spinning it and a slate of assets into Imbrium.
Imbrium has three stated focus areas: “oncology chemotherapeutics, treatments for disorders of the central nervous system, and non-opioid approaches to the management of pain.”
The option exercise triggered a $6.5 million fee. Down the road, PureTech could receive up to $53.25 million in milestones. — Amber Tong
OrbiMed furnishes Neurelis with $150 million for sales, new molecules
In a rare move, the FDA declared last year that Neurelis’ lead drug, Valtoco, was clinically superior to the alternatives on the market for certain seizures. Now OrbiMed is giving them the money to commercialize it and develop new molecules.
Neurelis announced Wednesday that OrbiMed had furnished it with a $150 million debt facility, doled out in three tranches. The small biotech said it will use the money to market Valtoco, while developing its inhalable medicines for anxiety attack, epileptic episodes and agitation. — Jason Mast
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