Thursday, August 30, 2012
Elevation Pharmaceuticals Acquired For $430M
San Diego-based Elevation Pharmaceuticals, the venture backed developer of treatment for patients with chronic obstructive pulmonary disease (COPD), has been acquired by Masachussets-based Sunovion Pharmaceuticals, in a deal worth up to $430M. The two said that Sunovion will pay $100M upfront, plus development milestone payments of up to $90M, and, upon regulatory approval, another $210M, along with $30M in milestones based on additional new programs. Elevation Pharmaceuticals' lead product is a bronchodilator currently in Phase 2b clinical trials. Elevation pharmaceuticals raised $30M in a Series B in January, and has raised a total of $47M.