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Sofinnova exits Ethical Oncology Science in $420m deal

20 Nov 2013

biotech_lrgSofinnova Partners has exited its investment in Italian biopharmaceutical startup Ethical Oncology Science (EOS) to Clovis Oncology for up to $420m.

The venture capital firm will receive an upfront payment of $200m including $190m worth of Slovis shares and an additional $65m contingent on the initial approval of its drug lucitanib by the US Food and Drug Administration.

Under an agreement signed by EOS with Laboratoires Servier in 2012, Clovis could earn €350m ($470m) upon the achievemtn of development and commercial milestones, as well as royalties on sales of lucitanib in the Servier territories.

EOS shareholders could also be due an additional €115m ($155m) in milestone payments.

Lucitanib aims to treat fibroblast growth factor (FGF)-aberrant breast cancer patients and other such tumours, including non small cell lung cancer.

Sofinnova Partners managing partner said, “Funding repeat entrepreneurs is a key theme for Sofinnova Partners, and Ethical Oncology Science is a perfect example of that strategy. After the sale of Novuspharma, the three founders were keen to start a new adventure and we were delighted to fund them again.”

Back in August Sofinnova led a €25.6m Series A financing round for Switzerland-based women’s reproductive drug medicine maker ObsEva.

Late last year the firm closed its seventh venture fund on €240m.

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