PvP Biologics, Inc., a San Diego, Calif.,-based company developing an oral enzyme for the treatment of celiac disease, received $35m from Takeda Pharmaceutical Company Limited (TSE: 4502).
The investment is part of a global agreement for the development of KumaMax, a novel enzyme designed to break down the immune-reactive parts of gluten in the stomach, thereby avoiding the painful symptoms and damage done in the small intestine from accidental gluten ingestion.
Under the terms of the development agreement, PvP will conduct all research and development through phase 1 proof-of-principle studies per a pre-defined development plan. Takeda will fund expenses related to the plan in exchange for an exclusive option to acquire PvP following receipt of a pre-defined data package. Upon PvP’s successful completion of the development plan, Takeda may exercise its option to acquire PvP by paying an undisclosed fee as well as development and regulatory milestones.
Led by Adam Simpson, president and CEO, and Tadataka “Tachi” Yamada, MD, chairman, PvP Biologics is developing an oral enzyme for the treatment of celiac disease based in technology invented at the Institute for Protein Design at University of Washington and exclusively in-licensed by PvP Biologics.
The company has corporate offices in San Diego and research laboratories in Seattle.