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PhaseBio secures $120M funding commitment for lead asset

Malvern, Pa.-based biopharmaceutical company PhaseBio Pharmaceuticals Inc. said it had entered a financing and co-development collaboration with SFJ Pharmaceuticals Inc. to advance its lead asset PB2452.

SFJ Pharmaceuticals is a global drug development company backed by venture capital firms Blackstone Life Sciences and Abingworth.

Under the agreement, SFJ will pay up to $120 million to support the global development of PB2452, which is designed to reverse the antiplatelet activity of AstraZeneca PLC's blood thinner ticagrelor in major bleeding and urgent surgery situations.

SFJ will fund up to $90 million of development expenses through the end of 2021 and up to an additional $30 million based on PhaseBio meeting specific, pre-defined clinical milestones for PB2452. In exchange, SFJ will assume a central role in global clinical development and regulatory activities for PB2452 outside the U.S.

However, PhaseBio is required to make repayments to SFJ over seven to eight years following receipt of regulatory approvals for the medicine in the U.S., the EU, and either China or Japan. The amount to be repaid will be capped at five times the amount funded by SFJ.

PhaseBio will retain exclusive worldwide commercial rights to PB2452 and will not owe any payments from a territory where it is not approved.