The venture capital company, Ysios Capital, a member of Catalonia.health, announced that its investee VarmX has signed a strategic development agreement with global biopharmaceutical company CSL (ASX:CSL), which includes an exclusive option to purchase the company.
Under the terms of the agreement, CSL will fund the Phase 3 clinical trial of VMX-C001, as well as the production of the drug and its launch on the market. VarmX shareholders will receive an initial payment of $117 million for the exclusive purchase option and, should CSL decide to exercise it, could receive up to an additional $388 million, as well as up to an additional $1.7 billion in commercial milestones linked to sales.
For Ysios Capital, the transaction represents a return for its investors, which will increase if CSL exercises the purchase option. Since joining VarmX in 2020, when it co-led a €32 million Series B financing round, Ysios has supported the company's growth and reinforced its commitment in subsequent rounds. This agreement confirms VarmX's potential and highlights Ysios' strategy of generating attractive returns by investing in innovative science.
Guillem Laporta, partner at Ysios Capital and Ysios' representative on the VarmX’s board of directors, explained: “This agreement with CSL confirms our belief in VarmX from the early stages of development: robust science, a management team committed to the project and clear potential to improve patients' lives.”
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