Takeda and Frazier Healthcare Partners have together launched Phathom Pharmaceuticals, a new biopharma company focused on the development and commercialisation of novel treatments for gastrointestinal (GI) diseases and disorders.
Takeda has granted a license to Phathom for the development and exclusive commercialisation rights to vonoprazan in the US, 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.
In connection with the license, Phathom has completed a $90 million crossover financing and $50 million debt facility.
Phathom has completed a $90 million private financing led by Frazier Healthcare Partners with investments 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.
Joining Tachi Yamada and David Socks on the Phathom board of directors are James Topper, Managing General Partner of Frazier Healthcare Partners, and Jon Edwards, Partner of Medicxi.