Wednesday, March 18, 2015

Ignyta Raises $42M From Teva, Buys Oncology Assets

San Diego-based Ignyta, a bio pharmaecuicals firm developing products for treating cancer, said late Tuesday that it has received a $42M equity investment from Teva Pharmaceutical, and acquired four oncology R&D assets from the company. The deal is comprised of the purchase of 1.5 million shares of Ignyta common stock by Teva. The four development programs being purchased by Ignyta include a small molecule inhibitor of BRAF, EGFR and RET; a pseudo-irreversible inhibitor of AXL and cMET; a nanoformulation of a modified bendamustine aimed at solid tumors; and a selective inhibitor of the atypical kinase PKCiota.