Roche is acquiring Enterprise Therapeutics’ lead program from Epidarex Capital. In connection with the deal, Enterprise shareholders secured an upfront payment of 75 million pounds. Based in the UK, Enterprise is a developer of new therapies that target the underlying mechanisms of mucus congestion in the lungs.
Bethesda, MD, USA, and Edinburgh, UK; October 7th, 2020 – Epidarex Capital (“Epidarex”), a transatlantic life science venture firm, announces that the lead program of its portfolio company Enterprise Therapeutics Ltd (“Enterprise”) has been fully acquired by Roche and will be developed by Genentech, a member of the Roche Group. The TMEM16A potentiator portfolio includes drug candidate ETD002, which recently entered Phase 1 trials.
In connection with the transaction, Enterprise’s shareholders received an upfront payment of £75 million, and are eligible to receive additional contingent payments to be made based on the achievement of certain predetermined milestones.
The TMEM16A portfolio is focused toward treating all people with cystic fibrosis (CF) with the potential to benefit people with other severe respiratory diseases characterised by excessive mucus congestion.
Epidarex was the founding investor in Enterprise in 2015 and was instrumental in setting up company operations and shaping early business strategy alongside the scientific founders. Epidarex also supported the recruitment of an experienced leadership team and positioned the company for further investment from leading international venture capital companies.
Peter Finan, Partner at Epidarex, Investor Director and former Chairman of Enterprise, said: “The acquisition by Roche of Enterprise’s TMEM16A potentiator portfolio is an outstanding achievement by the company and provides a great example of Epidarex’s approach to company creation and development. We provided early investment and business insights to the scientific founders to help catalyse the company’s early growth and prepare them for subsequent financing rounds. We would like to congratulate the Enterprise team and our fellow investors on the transaction with Roche. Targeting TMEM16A represents a potentially transformative approach to tackling mucus obstruction in respiratory diseases such as cystic fibrosis.”
Martin Gosling, Chief Scientific Officer and co-founder of Enterprise, said: “We have enjoyed an excellent relationship with Epidarex, who played a pivotal role in creating Enterprise together with our scientific founders. We have valued the strategic, operational and financial support they have provided since the start. The advancement of the TMEM16A potentiator portfolio from foundational science into the clinic and its acquisition by Roche is a great achievement and highlights the importance of having experienced, supportive and engaged backers in building a platform for success.”
Peter Finan, a Partner at Epidarex was previously Executive Chairman of Enterprise and is now an Investor Director; Elizabeth Roper, also a Partner at Epidarex, was an Investor Director since leading the Series A in 2015 until 2019; she remains an observer on the Enterprise board of directors.
The press release from Enterprise is attached and can be found at www.enterprisetherapeutics.com
About Enterprise Therapeutics
Enterprise Therapeutics is discovering and developing new therapies that target the underlying mechanisms of mucus congestion in the lungs, one of the main causes of difficulty in breathing and increased risk of infection in respiratory diseases such as cystic fibrosis and COPD. Reducing mucus congestion will reduce the frequency of lung infections and improve quality of life.
The Company’s novel muco-regulatory therapies target ion channels TMEM16A and ENaC to increase the hydration and clearance of mucus. Enterprise has also identified novel targets and compounds that reduce mucus production, an approach that complements mucus hydration therapies.
The Enterprise Therapeutics management team has significant expertise in drug discovery, drug development, respiratory biology and ion channel pharmacology. The Company is backed by leading life science investors Epidarex Capital, Forbion Capital, IP Group, Novartis Venture Fund and Versant Ventures. In 2019 the company received funding from the Cystic Fibrosis Foundation to advance TMEM16A through to clinical proof of concept in CF.
About Epidarex Capital
Epidarex Capital is a transatlantic venture capital firm with a track record of building exceptional life science companies in emerging hubs in the US and UK. Epidarex’s experienced team of early stage investors partner with entrepreneurs and leading research institutions to transform world-class science into highly innovative products addressing major unmet needs in the global healthcare market. For more information visit www.epidarex.com