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Sunovion To Purchase Elevation And Phase II Drug/Device Combo For COPD

Earlier than anticipated exit for Elevation means less dilution for its venture capital backers, who had provided $30 million in Series B funds this past January.

Just about eight months after raising a $30 million Series B round intended to bring its lead candidate up to the threshold of Phase III development, Elevation Pharmaceuticals Inc. will be bought out for $100 million upfront plus earn-outs by Japan’s Sunovion Pharmaceuticals Inc. The deal, announced Aug. 30, also qualified Elevation to earn $90 million in development milestones and $210 million in commercial milestones pegged to respiratory drug EP-101, along with another $30 million contingent on successful development of other programs.

EP-101 is a drug/device combination intended to serve patients with moderate to severe chronic obstructive pulmonary disease (COPD). The product...

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