Creathor's portfolio company Phenex Pharmaceuticals announces the acquisition of its development program for Non‐Alcoholic Steatohepatitis (NASH) and other liver diseases by Gilead Sciences, Inc., for up to $470m

(PresseBox) (Bad Homburg, Ludwigshafen/Heidelberg, Foster City, CA, ) Gilead Sciences, Inc. (Nasdaq: GILD) and Phenex Pharmaceuticals AG, a Creathor portfolio company, today announced the signing of a definitive agreement under which Gilead will acquire Phenex's Farnesoid X Receptor (FXR) program comprising small molecule FXR agonists for the treatment of liver diseases incl. nonalcoholic steatohepatitis (NASH). Under the terms of the agreement, Gilead will pay Phenex an upfront payment plus additional payments based upon achievement of certain development milestones that may potentially be worth up to $470 million. The Creathor Venture funds have been lead investors in Phenex Pharmaceuticals AG together with KfW as co‐investor since 2008.

NASH is a common, serious chronic liver disease characterized by inflammation and excessive fat accumulation in the liver and may lead to progressive fibrosis, cirrhosis and liver failure. NASH is estimated to affect 10 to 20 percent of people in the developed world. There are currently no approved therapies to treat NASH. FXR is a nuclear hormone receptor that regulates bile acid, lipid and glucose homeostasis, which can help reduce liver steatosis and inflammation, and may help prevent liver fibrosis.

About Phenex Pharmaceuticals AG

Phenex is a private German biotechnology company founded in 2002 and located in Ludwigshafen, Germany, with a research site in Heidelberg. Phenex has a long history in nuclear receptor drug discovery and has emerged as a highly specialized leader in the field of difficult to target emerging nuclear receptor targets.

About Gilead Sciences, Inc.

Gilead Sciences is a biopharmaceutical company that discovers, develops and commercializes innovative therapeutics in areas of unmet medical need. The company's mission is to advance the care of patients suffering from life‐threatening diseases. Gilead has operations in more than 30 countries worldwide, with headquarters in Foster City, California.
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