Phathom Pharmaceuticals, a Menlo Park, California-based biopharmaceutical company focused on treating gastrointestinal diseases and disorders, secured $140m in funding.
The $90m equity round was led by Frazier Healthcare Partners with participation from Medicxi, RA Capital Management, Abingworth, certain accounts managed by Janus Henderson Investors, BVF Partners LP, Greenspring Associates, Richard King Mellon Foundation, Sahsen Ventures and undisclosed institutional investors.
Phathom has also secured a $50 million term loan facility from Silicon Valley Bank.
Co-founded by Takeda Pharmaceutical Company Limited (TSE:4502/NYSE:TAK) and Frazier Healthcare Partners, Phathom Pharmaceuticals, a biopharmaceutical company focused on the development and commercialization of novel treatments for gastrointestinal (GI) diseases and disorders. Takeda has granted a license to Phathom for the development and exclusive commercialization rights to vonoprazan in the United States, Europe and Canada in exchange for upfront cash and equity, as well as future cash milestones and royalties on net sales.
Vonoprazan is a novel, orally active potassium competitive acid blocker (P-CAB) discovered and developed by Takeda. Takeda and Otsuka will continue to co-promote vonoprazan in Japan which they have done since 2015. Takeda will continue to market vonoprazan in several Asian markets where it is currently launched (Malaysia, Philippines, Singapore, South Korea, Taiwan and Thailand).
The company is led by David Socks, interim Chief Executive Officer of Phathom and Venture Partner with Frazier.