Takeda and Frazier Co-Found Phathom Pharmaceuticals with $140M Financing to Develop Novel GI Therapies

VCBeat (WeChat ID: vcbeat) has learned that Takeda Pharmaceutical Company Limited and Frazier Healthcare Partners (hereinafter referred to as “Frazier”) recently collaborated to establish Phathom Pharmaceuticals, a biopharmaceutical company focused on the development and commercialization of novel therapies for gastrointestinal disorders.

At its inception, Phathom Pharmaceuticals completed a $90 million equity financing and secured a $50 million debt facility from Silicon Valley Bank. The $90 million equity round was led by Frazier Healthcare Partners, with participation from Medicxi, RA Capital Management, Abingworth, Janus Henderson Investors, BVF Partners, Greenspring Associates, the Richard King Mellon Foundation, and Sahsen Ventures.

Takeda Pharmaceutical Company Limited has granted Phathom Pharmaceuticals the development rights and commercialization rights for vonoprazan in the United States, Canada, and Europe. The drug is already marketed in Japan. Takeda will continue to promote the drug in Asian markets including Malaysia, the Philippines, Singapore, South Korea, Taiwan, and Thailand.

Asit Parikh, Head of the Gastroenterology Therapeutic Area at Takeda Pharmaceutical Company Limited, stated: “Phathom Pharmaceuticals possesses deep expertise in gastrointestinal diseases, and we believe the company is well-positioned to expand the market for vonoprazan in North America and Europe. Meanwhile, Takeda will continue to broaden the drug’s presence in Japan and other parts of Asia.”

Vonoprazan, developed by Takeda Pharmaceutical Company Limited, is a novel gastric acid secretion inhibitor used to treat disorders associated with abnormal gastric acid secretion, such as gastric ulcers, duodenal ulcers, and reflux esophagitis. This drug terminates gastric acid secretion prematurely by inhibiting the binding of potassium ions (K+) to the H+-K+-ATPase (proton pump).

It is understood that Takeda Pharmaceutical Company Limited and Frazier have a long-standing and strong partnership. In 2016, the two companies collaborated to establish Outpost Medicine, a biopharmaceutical company focused on developing novel therapies for urological and gynecological diseases and disorders.

Takeda Pharmaceutical Company Limited is a research-driven global pharmaceutical company. The company is dedicated to the research and development of pharmaceuticals, having established R&D centers in Japan, the United States, and Europe. Its marketing network spans major countries across Europe, the Americas, and Asia, with pharmaceutical products sold in more than 90 countries and regions worldwide.

Frazier Healthcare Partners, established in 1991, is a private equity investment firm headquartered in Washington State, USA. The firm manages $2 billion in assets and is dedicated to investing in pharmaceuticals, healthcare services, and medical device companies.

Medicxi, established in 2016 and headquartered in London, UK, is a venture capital firm dedicated to investing in life sciences companies. The firm maintains offices in London, San Francisco, Geneva, and St. Helier (Jersey).

RA Capital Management, established in 2001, is an investment advisory firm based in Massachusetts, USA, specializing in drug development and the life sciences sector.

Abingworth, established in 1973, is an international investment group based in London, UK, dedicated to partnering with entrepreneurs in the life sciences sector. The firm manages over $1 billion in assets, has invested in 142 life sciences companies, and has completed 60 initial public offerings (IPOs) and 40 mergers and acquisitions (M&As).

Janus Henderson Investors, established in 2017, is a global asset management firm headquartered in London, United Kingdom. As of March 31, 2018, the firm managed £265.3 billion (US$371.9 billion) in assets and employed more than 2,000 people worldwide.

BVF Partners, established in 1993, is a venture capital firm focused on investing in the biotechnology sector.

Greenspring Associates, established in 2000 and headquartered in Maryland, USA, is a globally leading investment firm.

The Richard King Mellon Foundation, established in 1956 and headquartered in Pennsylvania, United States, is a public charity dedicated to preserving and restoring America’s environmental heritage and promoting the development of southwestern Pennsylvania.

Silicon Valley Bank, established in 1983, is dedicated to collaborating with companies in the life sciences, clean technology, and wine production sectors, as well as with venture capital and private equity firms.

(Compiled by Jiao Yanli)