Astellas, Drais Partner To Develop Compound

Astellas Pharma and Drais Pharmaceuticals have entered into a partnership to develop and commercialize ASP7147, a bombesin BB2 receptor antagonist for the treatment of irritable bowel syndrome with diarrhea. Astellas will transfer ownership of the drug to Seldar Pharma, Inc., a virtual company that will be operated by Drais’ executive team. Astellas and Drais entered into a similar agreement in April to advance ASP3291 through another virtual company, Telsar, which will also be operated by Drais.

Seldar will be responsible for all development, manufacturing and commercialization activities and the associated costs. Astellas is entitled to receive a milestone payment and royalties on future sales. Astellas also has the right of first exclusive negotiation for future partnering activities related to ASP7147 and the right of first refusal for the Japanese market as well as non-exclusive negotiation for other markets.