Nuron Biotech raises $80 million for vaccine products
The financing includes a $30 million equity investment and a $50 million agreement connected to the future sales of Meningitec, HibTITER and the company's other products. Nuron Biotech recently acquired Meningitec from Pfizer Inc.
"Nuron appreciates this significant level of commitment from HC Royalty, which validates the recognized market opportunity for our branded products and candidates in development," Shankar Musunuri, the CEO of Nuron Biotech, said. "The successful closing of this transaction provides us the capital needed to execute our Meningitec commercial plan and reach key milestones in advancing our pipeline and in providing new treatment options for patients around the world."
Meningitec is an established commercial vaccine for disease caused by Neisseria meningitidis serogroup C.
The $80 million in funding will also help the company to develop its novel biologics and vaccines for neurodegenerative diseases.
"It is unique to find an emerging specialty pharmaceutical company that has near-term access to revenues from well-established commercial products as well as tremendous upside from a promising pipeline of novel drug candidates in treating serious diseases," Gregory B. Brown, HC Royalty's founding managing director, said. "We are confident that Nuron can build the infrastructure to expand Meningitec's market in Europe while capitalizing on new markets with unvaccinated and under-vaccinated populations. In the company's pipeline, lead candidate NU100, for example, is a proprietary human interferon beta-1b, which is in a Phase 3 clinical trial for multiple sclerosis, and may improve long-term clinical efficacy, tolerability and safety for patients currently requiring therapy with interferon."