Cipla (EU) Limited, the UK-based wholly-owned subsidiary of Cipla, has signed a definitive agreement to invest $1.5 million in the US-based Chase Pharmaceuticals Corporation Inc to acquire 14.6% stake in Chase on a fully diluted basis. Cipla will also make an additional $4.5 million investment in Chase upon achievement of certain milestones. Chase is an early stage drug development company developing novel approaches to improve treatments for Alzheimer's disease.
Cipla, through its impact investment unit Cipla New Ventures, is investing in the Series B round of financing as part of a syndicate, which also consists of Edmond de Rothschild Investment Partners and New Rhein Healthcare LLC. Cipla New Ventures, managed by Chandru Chawla, was set up to chart a trajectory in innovation around biologicals, repurposing existing safe drugs and leveraging Cipla’s enviable suite of delivery technologies through disruptive innovation around access and affordability.
The $21 million two-phase financing will support Phase 2a and Phase 2b clinical trials for Chase’s lead drug CPC 201. The original venture funding for Chase was provided by the Brain Trust Accelerator Fund in 2010.
Subhanu Saxena, MD & Global CEO, Cipla Ltd, said, “This investment is consistent with Cipla New Ventures’ mission to build more innovation-led business streams for Cipla in the future. We want to bring affordable medicines, where we identify an unmet patient need, in a way that leverages Cipla’s formidable technology, device and development capabilities.”
Cipla, through its impact investment unit Cipla New Ventures, is investing in the Series B round of financing as part of a syndicate, which also consists of Edmond de Rothschild Investment Partners and New Rhein Healthcare LLC. Cipla New Ventures, managed by Chandru Chawla, was set up to chart a trajectory in innovation around biologicals, repurposing existing safe drugs and leveraging Cipla’s enviable suite of delivery technologies through disruptive innovation around access and affordability.
The $21 million two-phase financing will support Phase 2a and Phase 2b clinical trials for Chase’s lead drug CPC 201. The original venture funding for Chase was provided by the Brain Trust Accelerator Fund in 2010.
Subhanu Saxena, MD & Global CEO, Cipla Ltd, said, “This investment is consistent with Cipla New Ventures’ mission to build more innovation-led business streams for Cipla in the future. We want to bring affordable medicines, where we identify an unmet patient need, in a way that leverages Cipla’s formidable technology, device and development capabilities.”