Millendo Therapeutics, a clinical-stage biopharma company engaged in developing drugs for orphan endocrine diseases, has wrapped up a previously announced merger with OvaScience, a Massachusetts-based biotech company focused on female infertility.
As per the terms of the merger announced in August 2018, the Michigan-based Millendo Therapeutics has been paid $85.4 million, which includes $35.9 million in cash from OvaScience and $49.5 million from an associated financing. The Millendo OvaScience merger was closed following the approval of the stockholders of the Massachusetts-based firm.
The enlarged company, which will operate as Millendo Therapeutics, will be owned 63.3% by Millendo stockholders, 16.5% by former OvaScience stockholders and 20.2% by investors participating in the associated financing.
The combined company will work on the further development of the Michigan biopharma company’s orphan endocrine pipeline, including livoletide, a candidate for Prader-Willi syndrome (PWS), expected to enter into a phase 2b/3 trial in Q1 2019, and nevanimibe, a candidate for classic congenital adrenal hyperplasia (CAH), which is in phase 2b clinical development.
Julia C. Owens – President and CEO of Millendo Therapeutics, commenting on the Millendo OvaScience merger, said: “The closing of the merger and concurrent financing represents a significant opportunity and milestone for Millendo, as we can now accelerate our work to bring life-changing therapies to market for rare endocrine diseases. We have two differentiated, late-stage endocrine therapies that have been observed to be well tolerated, and we believe address areas of significant unmet need.
“In September 2018, we initiated our Phase 2b trial of nevanimibe in CAH, and we look forward to the planned initiation of our pivotal Phase 2b/3 trial of livoletide for PWS in the first quarter of 2019.”
The enlarged company will be headed by Julia Owens and will be headquartered in Ann Arbor, Michigan.
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