Relief Therapeutics buys German Advita
01/21/2021
from tt
Relief Therapeutics plans to take over the life science company for EUR 25 million and invest up to EUR 20 million.
Relief Therapeutics Holding AG in Geneva plans to buy Advita Lifescience GmbH in Denzlingen near Freiburg for EUR 25 million, and the company has announced a letter of intent. They also agreed on success-related milestone payments of up to EUR 20 million. The goal is to develop a COVID-19 therapeutic agent.
Relief will acquire all shares in Advita. In return, Advita Relief will receive ordinary shares worth EUR 25 million as well as the milestone payments. The transaction is expected to close in the second quarter of 2021.
Relief is a biopharmaceutical company whose lead drug candidate RLF-100 (Aviptadil) is in advanced clinical development for the treatment of patients with severe COVID-19 disease. Among other things, Advita develops products to improve the treatment and diagnosis of rare lung diseases. In addition to the Advita assets, Relief claims that it will receive further pending patent rights covering the specifications for inhaled RLF-100 formulations and the possible use of Aviptadil as inhalative therapy for acute respiratory distress syndrome (ARDS) and checkpoint inhibitor cover induced pneumonitis.
"Advita's intellectual property with respect to inhaled formulations of Aviptadil and the company's expertise with respect to this active ingredient will be used in the development of the inhaled formulation of RLF-100 for the treatment of COVID-19-related ARDS and other potential indications in the area of Lung diseases such as pulmonary sarcoid and chronic berylliasis will be invaluable, "said Jack Weinstein, chief financial officer of Relief.
© transkript.de
