May 24 Quick Takes: Neurology play Eliem raises $60M series B; plus Xeris-Strongbridge, CARsgen, Janssen, Abivax and Takeda
Two months after emerging from stealth with $80 million, Eliem Therapeutics Inc. closed a $60 million series B round led by Intermediate Capital Group and RA Capital Management to advance a pipeline of programs targeting neuronal excitability disorders affecting the peripheral and central nervous systems. The fund-raising is expected to generate top-line clinical data for lead programs ETX-810 and ETX-155 in chronic pain, depressive disorders and epilepsy. Access Biotechnology, Samlyn Capital, Acorn Bioventures and LifeArc also participated in the round.
Strongbridge Biopharma plc (NASDAQ:SBBP) gained 12% to $2.70 Monday on news that Xeris Pharmaceuticals Inc. (NASDAQ:XERS) will acquire the company for about $267 million in stock and contingent value rights triggered by a combination of FDA Orange Book patent listings and sales milestones. Xeris shareholders will own about 60% of the combined company, which will focus on endocrinology and rare diseases. Strongbridge’s Recorlev levoketoconazole, an adrenal steroidogenesis inhibitor, is under FDA review to treat endogenous Cushing syndrome, with a Jan. 1 PDUFA date. ...