Some decent deals happened overnight — let’s take a look:

-Proteon Therapeutics has landed a $38M financing and a $550M option agreement from Novartis. The financing was led by MPM Capital which brings the total financing for the company to $72M. Novartis also agreed that it would buy Proteon contigent upon successful Phase 2 data. Proteon is developing PRT-201, an elastase that modifies the extracellular matrix of blood vessels. The compound is expected to enlarge and dilate blood vessels and has potential application in vascular diseases (Peripheral Arterial Disease) and procedures (Vascular Access for Hemodialysis).

-Bristol-Myers Squibb will pay $40M upfront to Nissan Chemical Industries and Teijin Pharma for development and commercialization rights to NTC-801. NTC-801 is a selective inhibitor of the acetylcholine-activated potassium ion channels (IKACh), currently in Phase I development in Japan for the maintenance of normal sinus rhythm in patients with atrial fibrillation. The entire deal is valued at $385M with development milestones of $170M, sales-based milestones of $175M, and royalties.

Here’s what BMS SVP of discovery Francis Cuss had to say:

“There is significant unmet medical need for a more effective and safer therapy for atrial fibrillation. NTC-801 provides us with the opportunity to leverage our company’s deep expertise in helping patients prevail over cardiovascular disease, and further strengthens and expands our pipeline in cardiovascular adjacencies.”

$40M? That’s a lot. Sometimes I think these deals are waaaaayyy overvalued.

Image from skylineventures

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