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Venture capital-backed Epirus raises $36m, merges with Nasdaq-listed Zalicus

17 Apr 2014

biotech_lrgBoston-based startup Epirus Biopharmaceuticals has secured $36m in a Series B round led by Livzon Mabpharm and agreed to merge with Nasdaq-listed group Zalicus.

The round was also backed by Adage Capital, Greenwoods Investment, Gibralt US, Monashee Capital Partners, TPG Biotech, Montreux Equity Partners and 5AM Ventures.

Following the merger, Zalicus will be rebranded as Epirus Biopharmaceuticals and continue trading on the Nasdaq exchange. Under the terms of the merger, current Zalicus shareholders will own 19 per cent of the combined business with the rest owned by Epirus stakeholders.

Epirus is currently developing a pipeline of biosimilars including BOW015, a biosimilar to Remicade, BOW050, a biosimilar to Humira, and BOW030 a biosimilar to Avastin.

Epirus CEO Amit Munshi said, “Under the new company structure, we will continue to aggressively advance our pipeline of biosimilars, and address diverse global biosimilar markets through local partnerships.

“Through this transaction, we gain access to additional financial resources as well as clinical trial experience in the rheumatoid arthritis space. Our combined team is committed to expanding patient access to important medications.”

Other companies backed by Adage include biotech startup Calithera Biosciences, which raised a $35m Series D round last October.

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