CARY – Altavant Sciences, an emerging biophmarceutical firm that recently became part of a new drug conglomerate through a $3 billion deal, has in turn acquired a Pennsylvania drug development company.
The deal for Onspira Therapeutics has already closed.
Specific financial terms were not disclosed although Altavant notes that Onspira shareholders received an upfront payments with additional payments coming based on milestones. Royalties also will be due if drug approval is approved and sales begin,
The deal provides Altavant, which focuses on rare respiratory diseases, with rights to a preclinical compound called OSP-101 which is seen as a treatment for bronchiolitis obliterans syndrome (BOS). Altavant notes that BOS is “the leading non-infectious complication following lung transplantation and a major cause of death in these patients.”
“Adding OSP-101 to our pipeline creates significant value for Altavant, while also furthering our mission to develop drugs for patients with very serious and rare lung diseases,” said William Symonds, Chief Executive Officer of Altavant. “Although a majority of lung transplant recipients develop this life-threatening condition, there are no treatments approved specifically for BOS and the current therapies have limited efficacy.”
Altavant became part of Sumitovant Biopharma in December as part of a deal announced in October between Sumitomo Dainippon Pharma and Roivant Sciences.