Austin biotech Savara adds two lung drugs in deal for Serendex
- Austin, TX-based Savara Pharmaceuticals said Tuesday it will acquire the Danish Serendex Pharma, adding two inhaled products to complement its lead drug, Aerovanc.
- Serendex's most-advanced drug, Molgradex, is in a Phase 2/3 clinical study in Europe and Japan to treat a rare respiratory disease called PAP. Savara will also acquire a second preclinical product as part of the deal.
- In March, Savara completed a $20 million round of Series C funding, and is now looking to possible float an IPO as it readies Aerovanc for possible approval and commercialization, Exconomy reports.
Savara sees Serendex as complementary acquisition to build out its portfolio of orphan respiratory drugs.
Enrollment in a pivotal Phase 3 study of Savara's Aerovanc, an inhaled antibiotic for treatment of MRSA infections in patients with cystic fibrosis, is expected to begin later this year. With the addition of Serendex's clinical-stage product, Savara has a broader pipeline to back up AeroVanc.
'The acquisition is a transformational milestone for Savara, expanding our pipeline of orphan respiratory drugs with an exciting product for a highly debilitating disease with no approved medicinal treatments," said Rob Neville, CEO at Savara.
As part of the transaction, Serendex was delisted from the Oslo Stock Exchange in May. Savara is a private company.
Savara is considering a potential IPO down the road, according to comments on the deal Neville provided to Xconomy. The $20 million raised in March was aimed to funding the upcoming Phase 3 trial of AeroVanc.