Cerevance Launched with New Technology, Drug Portfolio and $36M in Cash to Tackle Brain Diseases
Takeda Pharmaceutical Company Limited (TOKYO:4502):
This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20161201006597/en/
- Takeda and Lightstone Ventures Participate in Series A Financing -
- Former Takeda Cambridge UK employees, CNS programs moved to create turn-key discovery capabilities -
Takeda Pharmaceutical Company Limited (TOKYO:4502) and Lightstone Ventures today announced the launch of Cerevance, a neuroscience company focused on discovering and developing novel therapeutics for neurological and psychiatric disorders. The company will use a new technology, created in the Howard Hughes Medical Institute laboratory of Nathaniel Heintz, Ph.D. at the Rockefeller University.
Takeda will jumpstart the new company by providing a 25-person neuroscience research team from its Cambridge, United Kingdom site, including industry veteran Mark Carlton, Ph.D., fully equipped laboratory space, and licenses to a portfolio of preclinical and clinical stage drug programs. Cerevance is funded with $36 million that includes a $21.5 million Series A financing investment from Takeda and Lightstone Ventures, with each joining Cerevance’s Board of Directors.
“Seven of the ten leading causes of disability in the world are central nervous system disorders,” said Brad Margus, Cerevance Chief Executive Officer. “With a well capitalized, proven team and promising drug programs already underway, we hope to rapidly advance a pipeline of therapeutics into the clinic in parallel with scaling up a truly novel approach to brain diseases based on our new technology.”
“We are thrilled to assemble some of our best scientists, programs and discovery resources in a highly focused endeavor as part of our increased emphasis on leveraging external innovation,” said Andrew Plump, M.D., Ph.D., Chief Medical and Scientific Officer of Takeda. “When we announced the closure of our research site in Cambridge, UK, our goal was to find an innovative externalization home for our most promising CNS programs and scientists in an entrepreneurial setting. Cerevance is a great example of our new R&D strategy.”
“Lightstone is excited to lead the Series A in Cerevance and believes the combination of Nat Heintz’s expertise and platform technology, the proven and impassioned management team, and Takeda’s strong support represent a compelling early-stage investment opportunity,” said Jason Lettmann, Partner at Lightstone Ventures. “Cerevance is in a unique position to bring a breakthrough technology to the development of treatments for central nervous system diseases that affect millions of people worldwide.”
This is not the first time that Takeda, Heintz and Margus have joined forces. In 2009, Takeda invested in and later collaborated with CNS drug discovery start-up Envoy Therapeutics which included Heintz and Margus as founders and which also licensed a technology from the Rockefeller University. Takeda ultimately acquired Envoy in 2012.
Cerevance will have sites in both Massachusetts and the United Kingdom, surrounded by vibrant academic research ecosystems that support biotechnology and pharmaceutical companies.
About Takeda Pharmaceutical Company Limited
Takeda Pharmaceutical Company Limited (TOKYO:4502) is a global, R&D-driven pharmaceutical company committed to bringing better health and a brighter future to patients by translating science into life-changing medicines. Takeda focuses its research efforts on oncology, gastroenterology and central nervous system therapeutic areas. It also has specific development programs in specialty cardiovascular diseases as well as late-stage candidates for vaccines. Takeda conducts R&D both internally and with partners to stay at the leading edge of innovation. New innovative products, especially in oncology, central nervous system and gastroenterology, as well as its presence in emerging markets, fuel the growth of Takeda. More than 30,000 Takeda employees are committed to improving quality of life for patients, working with our partners in health care in more than 70 countries.
For more information, visit http://www.takeda.com/news/
About Lightstone Ventures
Lightstone Ventures was founded in 2012 by the Life Science Partners of Advanced Technology Ventures (ATV) and Morgenthaler Ventures to focus on novel breakthrough medical devices and biopharmaceuticals. The Lightstone team actively manages the Morgenthaler and ATV life science portfolios of more than 30 life science companies and has been involved in several of the largest, venture-backed healthcare exits over the last decade including: Acceleron, Ardian, FivePrime, FoldRx, Hypnion, MicroVention, Morphotek, Plexxikon, Portola, Proteolix, Scioderm, Transcend, Threshold, Twelve, and Zeltiq. Lightstone is an international firm with offices in Menlo Park, CA; Boulder, CO; Boston, MA; Dublin, Ireland; and Singapore. For more information, visit http://www.lightstonevc.com/.
Takeda’s Forward-Looking Statements
This press release contains “forward-looking statements.” Forward-looking statements include all statements other than statements of historical fact, including plans, strategies and expectations for the future, statements regarding the expected timing of filings and approvals relating to the transaction, the expected timing of the completion of the transaction, the ability to complete the transaction or to satisfy the various closing conditions, future revenues and profitability from or growth or any assumptions underlying any of the foregoing. Statements made in the future tense, and words such as “anticipate,” “expect,” “project,” “continue,” “believe,” “plan,” “estimate,” “pro forma,” “intend,” “potential,” “target,” “forecast,” “guidance,” “outlook,” “seek,” “assume,” “will,” “may,” “should,” and similar expressions are intended to qualify as forward-looking statements. Forward-looking statements are based on estimates and assumptions made by management that are believed to be reasonable, though they are inherently uncertain and difficult to predict. Investors and security holders are cautioned not to place undue reliance on these forward-looking statements.
Forward-looking statements involve risks and uncertainties that could cause actual results or experience to differ materially from that expressed or implied by the forward-looking statements. Some of these risks and uncertainties include, but are not limited to: required regulatory approvals for the transaction may not be obtained in a timely manner, if at all; the conditions to closing of the transaction may not be satisfied; competitive pressures and developments; applicable laws and regulations; the success or failure of product development programs; actions of regulatory authorities and the timing thereof; changes in exchange rates; and claims or concerns regarding the safety or efficacy of marketed products or product candidates in development.
The forward-looking statements contained in this press release speak only as of the date of this press release, and neither Cerevance, Lightstone Ventures nor Takeda undertake any obligation to revise or update any forward-looking statements to reflect new information, future events or circumstances after the date of the forward-looking statement. If one or more of these statements is updated or corrected, investors and others should not conclude that additional updates or corrections will be made.
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