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AstraZeneca to spin out biotech company focused on autoimmune diseases
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AstraZeneca has announced that MedImmune, its biologics research and development arm, will spin out a new, independent biotech company named Viela Bio, which will focus on developing medicines for severe autoimmune diseases, according to a press release.
The new company will start with three clinical and three preclinical potential new medicines — all molecules from MedImmune’s early-stage inflammation and autoimmunity programs. In addition, it will be funded with up to $250 million from a consortium of investors led by Boyu Capital, 6 Dimensions Capital and Hillhouse Capital, with AstraZeneca remaining as the largest minority shareholder.
“Our goal is always to find a way for the science to advance,” Bahija Jallal, president of MedImmune and executive vice president of AstraZeneca, said in the release. “By establishing Viela Bio, we are creating an optimal environment for the continued development of our promising early-stage biologics portfolio in inflammation and autoimmunity. This has the potential to bring the most benefit to patients and will allow us to maintain focus on our three main therapy areas.”
Among the six molecules to be spun off into Viela Bio is inebilizumab, currently in phase 2 trial development for the treatment of neuromyelitis optica. According to AstraZeneca, inebilizumab was given orphan drug status by the FDA in 2016, and by the European Medicines Agency in 2017.
Other molecules to be spun out include MEDI4920, which is in phase 1 of development for the treatment of primary Sjögren’s syndrome, and MEDI7734, which is also in phase 1, for the treatment of myositis.
According to the release, the transaction will not include anifrolumab, a late-stage, phase 3 drug in development by AstraZeneca for lupus.
Bing Yao, currently head of MedImmune’s respiratory, inflammation and autoimmunity innovative medicines unit, will be Viela Bio’s new CEO. Jorn Drappa, currently vice president of MedImmune’s respiratory, inflammation and autoimmunity clinical development, has been appointed head of research and development and chief medical officer at Viela Bio, which will be based in Gaithersburg, Maryland.
“Viela Bio shows great potential, launching with a very robust pipeline with multiple novel molecules in inflammation and autoimmunity,” Yao said in the release. “This is combined with a strong, expanding team that has in-depth scientific and clinical development expertise and the ability to bring important, innovative medicines to patients.” – by Jason Laday