Dynogen Sells RTP Research Facility To Japanese Pharmaceutical Firm
Posted March 1, 2006
RESEARCH TRIANGLE PARK, NC — A research facility in RTP is being sold by
to Tokyo-based Astellas Pharma.
Terms of the sale were not disclosed.
"Dynogen has very much benefited from the in vitro and in vivo pharmacology research that has been done at the facility," Bob Lorette, chief business officer of Dynogen, told WRAL Local Tech Wire. "Being a venture-backed company, there is only so much research we can support."
Dynogen, which is based in Waltham MA, opened the 10,000-square foot facility 3 ½ years ago. The space is leased.
Some 17 research scientists worked in the lab. Of those, 15 are transferring to Astellas, Lorette said.
Astellas is acquiring some proprietary technology related to the drug platform used in research at the facility, Lorette added.
Dynogen began looking for a buyer last fall, and Astellas turned out to be a good corporate match for the kind of research done there, Lorette explained.
"Dynogen has built a facility with first-class capabilities for evaluating the clinical potential of urological development candidates especially in the area of lower urinary tract disorders," said Isao Yanagisawa, senior corporate officer of Astellas Pharma in a statement. "The acquisition of this research facility will strengthen our capabilities in this key area."
Dynogen used the facility for preclinical studies related to disorders affecting genitourinary (genital and urinary organs) disorders.
"We've built an impressive clinical and preclinical pipeline through our unique understanding of the neuroscience underlying gastrointestinal and genitourinary disorders, leveraging that knowledge to generate strong intellectual property and utilizing that intellectual property to enable an aggressive in-licensing program," said Lee Brettman, president and chief executive officer of Dynogen, in a statement. "We've maximized the value of the North Carolina facility in this effort, and now will focus all of our efforts on advancing the development of our five clinical programs and our late-stage preclinical programs."
Dynogen, which was launched in 2002, has raised some $63 million in venture capital.